Paypal Launches his Own Stablecoin on Ethereum Network.

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(Edited)

PayPal_PYUSD.png

The payment giant PayPal announced today the launch of a USD denominated stablecoin called PayPal USD (PYUSD). The stablecoin is 100% backed by U.S. dollar deposits, short-term U.S Treasuries.

The company also announced it will start rolling out the stablecoin to eligible US Paypal customers and they will be able to:

  • Send person-to-person payments using PYUSD
  • Fund purchases with PYUSD by selecting it at checkout2
  • Convert supported cryptocurrencies to and from PYUSD
  • Transfer between PayPal and Compatible external wallets.

PYUSD is an ERC-20 token (contract) issued by Paxos Trust on the Ethereum Blockchain.

Share your thoughts on this announcement.

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So cool! thanks for sharing this hadn't heard of it yet...what do you think of Paxos?

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They seems to have some trust in industry. Have issued stablecoin for many companies like Mastercard & Binance.

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