PayPal, the online payments giant, has a new cryptocurrency pegged to the value of a dollar in a bid to strengthen its foothold in the digital asset market.
PayPal already allows users to buy bitcoin and several other crypto tokens and transact with them. The company said it expects customers will use its stablecoin for payments in online games and in other Web3 applications and to send international payments.
“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,” PayPal CEO Dan Schulman said in a statement.The cryptocurrency, dubbed PayPal USD, will be redeemable for $1. The company said it will be fully backed by U.S. dollars, short-term government debt and other highly liquid assets.
To issue the token, the company partnered with Paxos Trust, the same firm that issues the stablecoin of embattled crypto exchange Binance. In February, the Wall Street Journal
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
PayPal launches stablecoin on Ethereum, citing 'shift toward digital currencies'Silicon Valley-based payments firm PayPal announced it is launching a U.S. dollar stablecoin in conjunction with Paxos.
Read more »
Breaking: PayPal Launches Its Own StablecoinPayPal, the renowned global payments leader, has launched its own digital stablecoin, PayPal USD (PYUSD), stepping up its involvement in the cryptocurrency market
Read more »
PayPal launches first dollar-backed stablecoin from a major U.S. financial institutionPayPal on Monday launched a U.S. dollar-backed stablecoin to help facilitate payments as its latest addition to its suite of crypto services.
Read more »
Payments Giant Paypal Launches Dollar-Backed Stablecoin PYUSD – Bitcoin NewsPaypal has introduced its own stablecoin, representing the first venture of its kind by a leading financial firm.
Read more »
PayPal launches PYUSD stablecoin backed by the US dollarIt’s rolling out over the next few weeks.
Read more »
PayPal Launches PYUSD, the First Dollar-Backed Stablecoin from a Major U.S. Financial InstitutionPayPal has introduced PYUSD, a new stablecoin aimed at revolutionizing payments in web3 and digitally native environments. This launch coincides with the anticipation of a crucial stablecoin bill vote in Congress. PYUSD is designed to streamline in-experience payments in virtual settings and enable direct flows to developers.
Read more »