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PayPal launches PYUSD stablecoin backed by the US dollar

The PayPal USD stablecoin logo: a Blue circle with a white letter P inside, with the top and bottom lines of the inner hole punched in the P extending out behind the letter instead of enclosing.
Image: PayPal

PayPal is launching its own stablecoin: PayPalUSD (PYUSD). The company says the cryptocurrency token is “fully backed by U.S. dollar deposits” and can be bought or sold on PayPal’s app or website at $1.00 per PYUSD.

With PYUSD, you can make person-to-person payments, fund purchases with the currency at checkouts, and transfer PYUSD between PayPal and other outside wallets. PayPal says that you can also convert the currencies supported by PayPal to and from PYUSD as well.

Stablecoins take their name from the fact that they’re centralized and backed by existing government-supported currencies like the US dollar or the Euro. The US government is still hashing out how to regulate stablecoin and other forms of cryptocurrency. After all,…

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Author: Emma Roth. [Source Link (*), The Verge – All Posts]

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