The global
financial technology firm PayPal has launched a US dollar-denominated
stablecoin. The new offering, expected in the coming weeks, was launched in
collaboration with stablecoin issuer Paxos Trust Company.
According to the
company’s statement, PayPal USD is a digital asset fully backed by US dollar
deposits, short-term US Treasuries, and similar cash equivalents. The token is
redeemable at a 1:1 ratio for US dollars. The token can be bought or sold
through Paypal at a rate of USD $1.
The global
financial technology firm PayPal has launched a US dollar-denominated
stablecoin. The new offering, expected in the coming weeks, was launched in
collaboration with stablecoin issuer Paxos Trust Company.
According to the
company’s statement, PayPal USD is a digital asset fully backed by US dollar
deposits, short-term US Treasuries, and similar cash equivalents. The token is
redeemable at a 1:1 ratio for US dollars. The token can be bought or sold
through Paypal at a rate of USD $1.
