Prashant Jha
August 7, 2023
Payment processing giant PayPal launched crypto payments in 2020 and has since been actively involved in the sector.
American financial technology company PayPal launched a new stablecoin called PayPal USD (PYUSD) on Aug. 7.
The U.S. dollar-pegged stablecoin will be issued by Paxos Trust Co. and fully backed by U.S. dollar deposits, short-term Treasurys and similar cash equivalents. It’s built on Ethereum and “designed for digital payments and Web3,” with the firm saying it will soon be available to United States customers.
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