PayPal introduces its own stablecoin that's pegged to the US dollar
PayPal launches its own stablecoin, PayPal USD, pegged to the US dollar.
Key points:
- PayPal USD is backed by US dollar deposits, short-term US Treasuries, and similar cash equivalents.
- The stablecoin is issued on the Ethereum blockchain by the Paxos Trust Company, regulated by the New York State Department of Financial Services.
- Users can buy, sell, send, and use PayPal USD for payments, as well as transfer it to external wallets or convert other cryptocurrencies.
