In conjunction with Paxos, PayPal has introduced PayPal USD (PYUSD) stablecoin. PYUSD is a U.S. dollar-denominated stablecoin supported by U.S. dollar deposits, short-term U.S. Treasuries, and similar cash equivalents. Each unit of PYUSD is fully redeemable for one U.S. dollar to establish trust and security.
Functioning as a bridge between TradFi and Web3 economies, PYUSD leverages PayPal’s extensive experience in payment solutions. Operating on Ethereum as an ERC-20 token, PYUSD effortlessly integrates into blockchain ecosystems. PYUSD aims to facilitate frictionless transactions in virtual environments, swift value transfers, and direct support for developers
This stablecoin will be issued by Paxos Trust Company and backed by structured reserves. The predictable exchange rate of $1.00 per PYUSD token and plans for public monthly Reserve Reports and third-party attestation underscores its commitment to trustworthiness.
