PayPal Partners with Paxos to Launch the PYUSD Stablecoin

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.

Today, we’re unveiling a new stablecoin, PayPal USD (PYUSD). It’s designed for payments and is backed by highly liquid and secure assets. Starting today and rolling out in the next few weeks, you’ll be able to buy, sell, hold and transfer PYUSD. Learn more https://t.co/53RRBhmNHx pic.twitter.com/53ur2KmjU7
— PayPal (@PayPal) August 7, 2023

Via @PayPal – X

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.

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