Payments giants PayPal has on Monday, 7th August, 2023 released a U.S. dollar stablecoin in an attempt to enhance the adoption of digital currencies for payments and transfers.
“PayPal USD is designed to contribute to the opportunity stablecoins offer for payments and is 100% backed by U.S. dollar deposits, short-term U.S Treasuries and similar cash equivalents. PayPal USD is redeemable 1:1 for U.S. dollars and is issued by Paxos Trust Company, the Company stated in a Press Release.
It has also stated that, eligible U.S. PayPal customers who purchase PayPal USD will be now be able to
- Transfer PayPal USD between PayPal and compatible external wallets
- Send person-to-person payments using PYUSD
- Fund purchases with PayPal USD by selecting it at checkout
- Convert any of PayPal’s supported cryptocurrencies to and from PayPal USD
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