🚀PayPal is launching its own dollar-pegged stablecoin on Ethereum called PayPal USD (PYUSD)! The fintech giant aims to establish itself in the growing digital asset space with this move. Paxos Trust Company, the former issuer of Binance's BUSD, will issue PYUSD.

🇺🇸Initially, U.S.-based PayPal customers can purchase PYUSD through the platform, transfer it between compatible external wallets, use it for online purchases, and convert it to supported cryptocurrencies.

📊Starting September 2023, Paxos will publish monthly Reserve Reports for PYUSD, and third-party attestation of the reserve assets' value will be carried out per the American Institute of Certified Public Accountants' standards. This comes after a key stablecoin bill was cleared by the U.S. House Financial Services Committee last month. Exciting times ahead! 🎉