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.
24/7 MARKET NEWS, INC Disclaimer
24/7 MARKET NEWS (“24/7 MN”) is dedicated to covering various underreported segments of the stock markets. Our goal is to help you to better understand these markets, but 24/7 MN is neither an investment advisor nor a financial advisor, and no information provided here is to be interpreted as a suggestion to buy or sell stocks or other investment products. All opinions, news, research, analysis, prices or other information contained on 247marketnews.com, its press releases, or other services are provided for educational purposes only and do not constitute investment advice. You are solely responsible for the investment decisions you make.