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California-based PayPal, a financial technology company, announced on Monday, August 7, that it has introduced a regulated stablecoin that has the potential to revolutionise payments within web3 and digitally native ecosystems.Â
Dubbed PayPal USD (PYUSD), the stablecoin aims to bridge the gap between traditional financial systems and the emerging world of blockchain and cryptocurrencies.
PayPal USD
PayPal USD is designed to contribute to the opportunity stablecoins offer for payments and is 100 per cent backed by U.S. dollar deposits, short-term US Treasuries, and similar cash equivalents.
PayPal USD is redeemable 1:1 for U.S. dollars and is issued by Paxos Trust Company.