Last Updated on August 7, 2023 by Bitfinsider
PayPal, situated in Silicon Valley, has announced the creation of a US dollar stablecoin in collaboration with Paxos.
According to a press release from PayPal, the new digital token will be pegged to the dollar and “gradually” made available to PayPal customers in the United States.
PayPal USD, or PYUSD, will be issued by Paxos. PYUSD, which will be issued on the Ethereum blockchain, will be “fully backed by U.S. dollar deposits, short-term Treasuries, and similar cash equivalents,” according to the company’s statement.
Eligible PayPal clients will be able to make purchases as well as transfers using the stablecoin. PayPal clients will also be able to change “supported cryptocurrencies” into or out of PYUSD, according to the business.
PayPal stated that the services and availability of PYUSD will be “rolling out in the coming weeks.”
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