{"id":56096,"date":"2023-08-07T10:58:06","date_gmt":"2023-08-07T14:58:06","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=56096"},"modified":"2023-08-07T11:24:12","modified_gmt":"2023-08-07T15:24:12","slug":"paypal-launches-its-own-stablecoin-for-payments","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/paypal-launches-its-own-stablecoin-for-payments\/","title":{"rendered":"PayPal Launches Its Own Stablecoin for Payments"},"content":{"rendered":"\n

The global leader in online payments has announced the launch of its own stablecoin,<\/a> PayPal USD (PYUSD), which is backed by the U.S. dollar and issued by Paxos Trust.<\/p>\n\n\n\n

\"PayPal<\/figure>\n\n\n\n

The new cryptocurrency is designed to facilitate payments and transfers in web3 and digital environments.<\/p>\n\n\n\n

About PYUSD<\/h3>\n\n\n\n

PYUSD \r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a>is a stablecoin, a type of cryptocurrency that is pegged to a fiat currency or other asset to maintain a stable value. <\/p>\n\n\n\n

U.S. dollar deposits, short-term U.S. treasuries, and similar cash equivalents fully back the stablecoin and can be redeemed for U.S. dollars at a 1:1 ratio.<\/strong><\/p>\n\n\n\n

PYUSD is issued by Paxos Trust, a regulated trust company that also issues other stablecoins such as PAX<\/use><\/svg><\/span><\/a> and BUSD.<\/a><\/p>\n\n\n\n

The token is also an ERC-20 token<\/a> that runs on the Ethereum blockchain, which means it can be easily integrated with existing wallets, exchanges, and web3 applications.<\/p>\n\n\n\n

As PYUSD rolls out, eligible U.S. PayPal customers will be able to buy, sell, hold,<\/strong> and transfer it in the PayPal app<\/use><\/svg><\/span><\/a> or website. <\/p>\n\n\n\n

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