PayPal, the global leader in payments, has launched PayPal USD (PYUSD), a U.S. dollar-denominated stablecoin. PYUSD is designed to bridge the gap between fiat currency and the dynamic world of blockchain, making it easier for consumers, merchants, and developers to use digital assets.
“The shift toward digital currencies requires a stable instrument that is both digitally native and easily connected to fiat currency like the U.S. dollar,” said Dan Schulman, President and CEO of PayPal. “Our commitment to responsible innovation and compliance, and our track record delivering new experiences to our customers, provides the foundation necessary to contribute to the growth of digital payments through PayPal USD.”
PYUSD is 100% backed by U.S. dollar deposits, short-term U.S. Treasuries, and similar cash equivalents. This ensures that PYUSD is always worth one U.S. dollar, making it a more stable and reliable option than other cryptocurrencies.
PYUSD is also issued by Paxos Trust Company, a regulated financial institution that is subject to strict oversight by the New York State Department of Financial Services. This provides users with peace of mind knowing that their funds are safe and secure.
In addition to its stability and security, PYUSD is also designed to be interoperable with a wide range of blockchain networks. This makes it a valuable tool for developers who are building decentralized applications (dApps). PYUSD can also be used to make payments to merchants who accept cryptocurrencies.
PayPal is the first major payments company to launch a stablecoin. This move is a significant step forward in the adoption of digital assets and could help to pave the way for more widespread use of cryptocurrencies.
Here are some of the key benefits of PayPal USD:
- Stability: PayPal USD is 100% backed by U.S. dollar deposits, short-term U.S. Treasuries, and similar cash equivalents. This ensures that PYUSD is always worth one U.S. dollar, making it a more stable and reliable option than other cryptocurrencies.
- Security: PayPal USD is issued by Paxos Trust Company, a regulated financial institution that is subject to strict oversight by the New York State Department of Financial Services. This provides users with peace of mind knowing that their funds are safe and secure.
- Interoperability: PYUSD is designed to be interoperable with a wide range of blockchain networks. This makes it a valuable tool for developers who are building decentralized applications (dApps). PYUSD can also be used to make payments to merchants who accept cryptocurrencies.
- Accessibility: PayPal is a global payments company with over 400 million active users. This makes PYUSD accessible to a wide range of people around the world.
PayPal USD is poised to play a major role in the future of digital payments. It is a stable, secure, and interoperable stablecoin that is accessible to a wide range of people. As the adoption of digital currencies continues to grow, PayPal USD is well-positioned to become a leading player in the space.
