PayPal has announced the launch of its own stablecoin, PayPal USD (PYUSD), pegged to the U.S. dollar.
This move marks a significant expansion of PayPal’s cryptocurrency services, allowing users to seamlessly buy, sell, and hold PYUSD within the PayPal app.
The stablecoin is built on the Ethereum blockchain and is fully backed by U.S. dollar reserves.
PYUSD is designed to facilitate faster, low-cost transactions, particularly in cross-border payments and digital commerce.
PayPal’s entry into the stablecoin market is seen as a major step towards mainstream adoption of digital currencies, with the company aiming to leverage its vast user base to promote the use of PYUSD in everyday transactions.
