PayPal USD (PYUSD): The Rise of a New U.S. Dollar Stablecoin
Intermediate
Stablecoin
Aug 17, 2023
6 min read
Stablecoins have emerged as a groundbreaking solution in the cryptocurrency landscape, offering the best of both worlds: the decentralized benefits of digital currencies, and the stability of traditional fiat. By pegging their value to stable assets, stablecoins address the notorious volatility associated with cryptocurrencies, making them more palatable for everyday transactions and as a store of value.
Amidst the growing roster of stablecoins, a notable entrant has made its debut: PayPal USD. This article will delve into this new stablecoin and explore its features, origins and potential impact in the digital finance realm.
Key Takeaways:
- PayPal USD is a U.S. dollar–pegged stablecoin designed for digital payments and web3 environments. It’s issued by PayPal in collaboration with Paxos.
- PayPal USD is backed by U.S. dollar deposits, short-term U.S. treasuries and similar cash equivalents.
- Eligible U.S. PayPal users can hold, purchase, sell, send and receive PayPal USD. Users can also use PayPal USD to fund purchases.
Looking to trade PYUSD tokens? Bybit will soon offer the PYUSD/USDT Spot trading pair for trading!