PayPal launches U.S. dollar-backed stablecoin, PayPal USD (PYUSD) PayPal stablecoin PayPalUSD
- Digital payments provider PayPal has announced the launch of a U.S.-dollar-denominated stablecoin as the firm looks to deepen its involvement with blockchain technology and upgrade its payments infrastructure.
Access to PYUSD began rolling out to U.S. customers on Monday, and the stablecoin can be used to send person-to-person payments, fund purchases, convert any of PayPal’s supported cryptocurrencies to and from PYUSD, and users can transfer the stablecoin between PayPal and compatible external wallets. “As the only stablecoin supported within the PayPal network, PayPal USD leverages PayPal's decades-long experience in payments at scale, combined with the speed, cost and programmability of blockchain protocols,” they said. “PayPal USD will be available to an already large and growing community of external developers, wallets and web3 applications, can be easily adopted by exchanges, and will be deployed to power experiences within the PayPal ecosystem.
“Paxos will also publish a public third-party attestation of the value of PayPal USD reserve assets,” the release said. “The attestation will be issued by an independent third-party accounting firm and conducted in accordance with attestation standards established by the American Institute of Certified Public Accountants .”
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