PayPal has officially launched its own stablecoin, PayPal USD (PYUSD), which is pegged to the U.S. dollar.
The stablecoin is designed to facilitate payments within the PayPal ecosystem, allowing users to seamlessly move funds between PayPal and blockchain networks.
PYUSD is issued by Paxos Trust Company and is fully backed by U.S. dollar deposits and short-term U.S. Treasuries, offering transparency and security for users.
With PYUSD, PayPal aims to bridge the gap between traditional finance and blockchain, providing its vast user base with an easy way to interact with the world of cryptocurrencies.
This move by PayPal marks a significant step toward mainstream adoption of stablecoins and could set the stage for broader integration of digital currencies in e-commerce.
