🔥PayPal Holding Inc. is launching a stablecoin, the first by a major financial firm and potentially a significant boost to the sluggish adoption of digital tokens for payments.

PayPal USD (PYUSD) is issued by Paxos Trust Co. and fully backed by US dollar deposits, short-term Treasuries and similar cash equivalents, the San Jose, California-based payments company said Monday. It is pegged to the dollar and will be made available gradually to PayPal customers in the US.

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