Paypal, a first among major financial companies, decided to launch a stable cryptocurrency for use in fund transfers.

In the statement made today by the US-based payment company PayPal, it was stated that PayPal USD (PYUSD) will be launched through Paxos Trust and the stable cryptocurrency will be supported by US dollars, short-term treasury securities and liquid financial assets at a one-to-one ratio. It was reported that the dollar-pegged cryptocurrency will be made available to PayPal customers in the USA in the first stage.

According to the news provided by Bloomberg, the company's Chief Executive Dan Schulman said that they want to consolidate PayPal's dominance in digital payments by using PYUSD, a technology that provides instant and lower-cost transfers without a central intermediary.

However, PayPal's latest financials were disappointing, and the company's stock lost more than 35% in the last 12 months. PayPal, which has struggled with online payments, is now among the 10 worst-performing companies on the Nasdaq index.

While the traditional financial company's decision to issue stablecoins is seen as an important step in the adoption of cryptocurrencies, it is also seen as extremely important for the company to revitalize fund transfers and lower-cost transactions.

Looking at the short history of stable cryptocurrencies, it can be said that these assets are mostly used by investors when transferring funds to exchanges for crypto asset transactions. In this context, the use of fixed assets in payment transactions has remained limited so far.

Traditional financial companies, on the other hand, have so far faced regulatory hurdles in using stablecoins in payments. In recent years, Meta company, formerly known as Facebook, was forced to terminate the crypto project it wanted to use in the payments field due to regulatory pressure. Country regulators, on the other hand, are trying to open a separate window to the stable cryptocurrency field and enact special laws regarding this sector.

PayPal also decided to halt the PYUSD project earlier this year, citing regulatory pressure. However, in the statement made by the company, it seems that it decided to start the project considering that regulatory clarity has begun to emerge.

In addition, PYUSD, which was developed to be used in fund transfer, can also be exchanged with other cryptocurrencies supported on the platform. Stable coins can also be sent to other supported external wallets outside the PayPal network.

PayPal's relationship with cryptocurrency started in 2020

PayPal first started providing cryptocurrency services on its platform in 2020. PayPal users can currently trade several cryptocurrencies along with Bitcoin.

PayPal Chief Executive Officer Dan Schulman stated that they had extensive discussions with US regulators before the PYUSD project and said that they are currently in the first stage of a well-regulated financial asset.

PayPal, which has more than 431 million active accounts worldwide, is making an important move to increase the adoption of assets based on Blockchain technology in the traditional financial market with PYUSD, while increasing its claim in the crypto field.

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