Global payments giant PayPal has partnered with stablecoin issuer Paxos to launch a new U.S. dollar stablecoin, PayPal USD. The launch of PayPal USD comes at a time when markets are anticipating a House vote on a major stablecoin bill, which joins three other cryptocurrency bills before the bill.
PayPal USD revolutionizes payment methods and unlocks payment barriers in virtual environments
According to CNBC, PayPal USD is designed to respond to changes in payment methods in “web3” and digital native environments.
The stablecoin is designed to reduce friction in payments in virtual environments, allowing funds to flow directly to developers and be exchanged for U.S. dollars. Its reserve assets are U.S. dollar deposits, short-term U.S. Treasury securities and other similar cash equivalents.
Dan Schulman, president and CEO of PayPal, said: "The move to digital currency requires a stable tool that is both digital native and easily connected to fiat currencies such as the U.S. dollar. We are committed to responsible innovation and compliance, as well as providing The successful record of new customer experiences provides the necessary foundation for PayPal USD’s digital payment growth.”
PayPal USD (PYUSD): American payments are more convenient and supports Ethereum
PayPal USD (PYUSD) is available as a crypto payment option at millions of online stores, and PayPal will sell customers’ PYUSD to pay for items, the company said.
PayPal USD (PYUSD) also allows users to transfer funds to each other. PayPal said there is no fee to transfer PYUSD to friends in the United States, and it can also be transferred to an Ethereum wallet that supports PYUSD.
PayPal stock price rises, hoping for stable currency PayPal USD
Shares of PayPal rose more than 1% after the announcement. PayPal USD is issued by Paxos, which previously issued a stablecoin BUSD pegged to the U.S. dollar. However, it was required by the New York State Department of Financial Services to stop issuance in February this year, and the market value of the stablecoin began to decline. It seems that the market is still looking forward to PayPal USD.
(Review: Why does the SEC accuse Binance of BUSD being a security? Are Paxos and Binance using BUSD to make money?)
This Article Bull Market Catalyst? PayPal and Paxos cooperate to launch the first stable currency: PayPal USD (PYUSD) first appeared on Chain News ABMedia.