TechFlow news: PayPal has launched a cryptocurrency stablecoin for transfers and payments. PayPal USD (PYUSD) is issued by Paxos Trust Co. and is fully backed by U.S. dollar deposits, short-term U.S. Treasuries, and similar cash equivalents.
Starting today and rolling out over the coming weeks, eligible U.S. PayPal customers who purchase PayPal USD will be able to:
- Transfer PayPal USD between the PayPal wallet and compatible external wallets;
- Use PYUSD to send person-to-person payments;
- Purchase goods and services using PayPal USD at checkout;
- Convert any PayPal-supported cryptocurrency to or from PayPal USD;
Paxos will also publish public third-party attestation of the value of PYUSD's reserve assets. PayPal noted that most current stablecoins are used primarily within Web3-specific environments—PayPal USD will be compatible with those ecosystems from day one and will soon be available on Venmo, the company’s consumer payment app.
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