In early August, PayPal (PYPL) launched a U.S. dollar denominated stablecoin designed for digital payments and Web3, and to be compatible with the most widely used exchanges, wallets and Web3 applications. PayPal USD (PYUSD) is fully backed by U.S. dollar deposits, short-term U.S. treasuries and similar cash equivalents, and can be redeemed 1:1 for U.S. dollars. PayPal said that the launch showcases the company’s focus on becoming a crypto payment giant and aims to make PYUSD a key part of its payment infrastructure.
“The shift toward digital currencies requires a stable instrument that is both digitally native and easily connected to fiat currency like the U.S. dollar,” says Dan Schulman, president and CEO of PayPal. “Our commitment to responsible innovation and compliance, and our track record delivering new experiences to our customers, provides the foundation necessary to contribute to the growth of digital payments through PayPal USD.”
The crypto stablecoin market capitalization is $125…
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