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PayPal, the global leader in online payments, has announced the launch of its own stablecoin, PayPal USD (PYUSD), which is backed by the US dollar and issued by Paxos Trust Co. The new stablecoin aims to facilitate faster and cheaper transactions across the PayPal network and beyond.
Today, we’re unveiling a new stablecoin, PayPal USD (PYUSD). It’s designed for payments and is backed by highly liquid and secure assets. Starting today and rolling out in the next few weeks, you’ll be able to buy, sell, hold and transfer PYUSD. Learn more https://t.co/53RRBhmNHx pic.twitter.com/53ur2KmjU7
— PayPal (@PayPal) August 7, 2023
Stablecoins are cryptocurrencies that are pegged to a fiat currency or another asset, such as gold or oil, to minimize price volatility. They are often used by traders and investors to move funds between different platforms or to hedge against market fluctuations. However, stablecoins have also faced regulatory challenges and controversies, such as in the case of Tether, which has been accused of not having sufficient reserves to back its tokens.
PayPal Hopes to Succeed Where Others Have Struggled
PayPal hopes to overcome these issues with its PYUSD stablecoin, which is fully backed by US dollar deposits, short-term Treasuries, and similar cash equivalents. The company claims that PYUSD is redeemable for dollars at all times and can also be exchanged for other cryptocurrencies supported by the payments platform, such as Bitcoin, Ethereum, and Litecoin.
US users who have a PayPal Balance account will be able to buy, sell, and transfer PYUSD within the PayPal app or website. They will also be able to use PYUSD for person-to-person payments and for funding purchases at checkout. In addition, PYUSD will be compatible with third-party wallets outside the PayPal network, allowing users to move their tokens freely.
The company CEO Dan Schulman said that the launch of PYUSD is part of the company’s vision to build a bridge between fiat and Web3 for consumers. Web3 is a term that refers to the decentralized and open internet powered by blockchain technology and smart contracts. Schulman added that PYUSD will enable more people to access the benefits of digital currencies and participate in the future of finance.
The launch of PYUSD is a significant milestone for PayPal, which has been expanding its crypto services since 2020. The company currently has more than 431 million active accounts globally and is one of the largest mainstream platforms to offer crypto features. With its own stablecoin, PayPal hopes to gain an edge over its competitors and attract more users to its network.
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