Breaking: PayPal launches PYUSD stablecoin for payment

Prashant Jha

August 7, 2023

Payment processing giant PayPal launched crypto payments in 2020 and has since been actively involved in the sector.

American financial technology company PayPal launched a new stablecoin called PayPal USD (PYUSD) on Aug. 7. 

The U.S. dollar-pegged stablecoin will be issued by Paxos Trust Co. and fully backed by U.S. dollar deposits, short-term Treasurys and similar cash equivalents. It’s built on Ethereum and “designed for digital payments and Web3,” with the firm saying it will soon be available to United States customers.

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