PayPal launched a new stablecoin called PayPal USD (PYUSD) on August 7.
The US dollar-linked Stablecoin will be issued by Paxos Trust Co. and will be fully backed by dollar deposits, short-term Treasury bills and similar cash equivalents.
It is built on Ethereum and is “designed for digital payments and Web3,” with the company saying it will soon be available to US customers.
PayPal’s launch of a stablecoin could accelerate its efforts to become a crypto-payments giant, an initiative the company started in 2020 to make room for cryptocurrencies on its platform.