JUST IN: Global payments giant PayPal is launching its own dollar-pegged stablecoin. By shauryamalwa
The Ethereum-based token will soon be available to PayPal users in the U.S. and is the first time a major financial company is issuing its own stablecoin. Users can transfer PYUSD between PayPal and supported external wallets, fund goods and services purchases, or convert any of PayPal's supported cryptocurrencies to and from PYUSD.
PYUSD is issued by New York-based crypto financial services firm Paxos Trust and fully backed by US dollar deposits, short-term Treasuries and similar cash equivalents. It is redeemable for dollars at all times and can also be exchanged for other cryptocurrencies available on PayPal’s network, such as bitcoin , bitcoin cash , ether and litecoin .
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