Global payments titan PayPal has unveiled plans to launch its own stablecoin pegged to the U.S. dollar. Called PayPal USD (PYUSD), the stablecoin is set to be based on the Ethereum network and be backed by short-term U.S. Treasuries, dollar deposits, and other cash equivalents.
PayPal’s US-based users are set to soon be able to explore the new offering, which is set to facilitate transfers between PayPal and other compatible digital wallets. Users will be able to pay for goods and services using PYUSD, or convert them to any of PayPal’s support cryptocurrencies.
The stablecoin, according to PayPal, will be available to an "already large and growing community of external developers, wallets and web3 applications," and can be adopted by cryptocurrency exchanges.
The token is set to be issued by New York-based crypto financial services firm Paxos Trust, the same firm that issued Binance’s BUSD stablecoin.
PYUSD is set to first be available on PayPal, before reaching the company’s popular Venmo app.
According to PayPal, beginning in September 2023 Paxos will “publish a public monthly Reserve Report for PayPal USD that outlines the instruments composing the reserves.” It will also publish “a public third-party attestation of the value of PayPal USD reserve assets.”
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- Source: https://www.cryptocompare.com/email-updates/daily/2023/aug/08/
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