Paypal Becomes First Major Company To Issue Dollar-Pegged Stablecoin In Crypto Push

Paypal Becomes First Major Company To Issue Dollar-Pegged Stablecoin In Crypto Push
фото показано с : zycrypto.com

2023-8-7 20:00

Global payments behemoth PayPal is bolstering its crypto game with the launch of its native dollar-pegged stablecoin, PayPal USD, in conjunction with Paxos.

According to the August 7 announcement, the Ethereum-based token will be “gradually” made available to PayPal users in the United States. PayPal USD is expected to become “a part of the overall payments infrastructure,” PayPal CEO Dan Schulman reportedly told Bloomberg. 

PayPal Dives Deeper Into Crypto Payments With PYUSD Launch

PayPal has made a huge move into the stablecoin sector with the launch of its very own digital asset.

PayPal USD (PYUSD) is fully backed by short-term Treasuries, U.S. dollar deposits, and cash equivalents, as per the company’s press release. The token will be issued by New York-headquartered crypto financial services firm Paxos Trust on the Ethereum blockchain as an ERC-20 token.

The stablecoin allows users to conduct transfers within the platform and with supported external wallets. The dollar-denominated token can also be used for purchases and swap for other assets, such as Bitcoin, Ethereum, Litecoin, and Bitcoin Cash on the PayPal platform.

PayPal introducing a stablecoin could spur its efforts to become a crypto payment giant, an endeavor the company began in 2020 after making way for cryptocurrency payments on the platform.

“The shift toward digital currencies requires a stable instrument that is both digitally native and easily connected to fiat currency like the U.S. dollar,” PayPal president and CEO Dan Schulman posited in the statement. “Our track record delivering new experiences to our customers, provides the foundation necessary to contribute to the growth of digital payments through PayPal USD.” 

The stablecoin further offers compatibility with a wide range of developers, wallets, and Web3 applications:

“Most of the current volume of stablecoins is used in web3-specific environments — PayPal USD will be compatible with that ecosystem from day one and will soon be available on Venmo.”

While there are numerous stablecoins available in the cryptocurrency market, PayPal USD will be the first launched by a major U.S. financial institution. PayPal indicated that though services and availability of PYUSD begin today, the rollout is expected to continue in the coming weeks.

Paxos To Publish Monthly Reserve Reports For PayPal USD

On the transparency front, Paxos will be publishing public monthly reserve reports for PayPal USD defining the instruments comprising the stablecoin’s reserves starting September 2023.

Moreover, Paxos will be required to publish public third-party attestations of the value of the stablecoin’s reserve assets. This attestation will be provided by an independent third-party accounting company and executed per attestation criteria developed by the American Institute of Certified Public Accountants (AICPA).

The news of PayPal’s stablecoin launch comes after the U.S. Securities and Exchange Commission (SEC) planned to launch a lawsuit against its crypto partner Paxos for breaking investor protection laws.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

USDx stablecoin (USDX) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 1.62 %
Cегодня L: $0 - H: $0
Капитализация $0 Rank 99999
Цена в час новости $ 1.2368 (-100%)

paypal crypto stablecoin dollar-pegged conjunction game paxos

paypal crypto → Результатов: 126


PayPal Is Rolling Out A Feature To Allow Users Convert PYUSD To Bitcoin And Other Crypto

PayPal, which recently launched its stablecoin, just announced they’re rolling out a new feature that will allow users to seamlessly convert PYUSD and other crypto assets. The payments giant just launched a Cryptocurrency Hub service that will allow for the sale and purchase of crypto and other functionalities through PayPal and PYUSD.  Introducing The Cryptocurrency […]

2023-8-14 17:00


Фото:

PayPal’s office in Ireland starts building its crypto team

By now, most people are aware that PayPal has had a major change of heart regarding cryptocurrencies late in 2020, announcing that it will add support for digital currencies on its platform. For US citizens, this has already happened soon after the announcement, and they have had access to crypto via PayPal directly for more […] The post PayPal’s office in Ireland starts building its crypto team appeared first on Invezz.

2021-8-3 13:13


Фото:

All Eligible PayPal Account Holders In The U.S. Can Now Buy And Sell Bitcoin

Payments giant PayPal has effectively lifted the waitlist for users looking to use its crypto service, allowing all eligible US customers to buy, sell, and hold cryptocurrencies. PayPal Opens Its Doors To All US Crypto Customers On Thursday, PayPal announced in a brief update to its original October 21 announcement that its crypto trading service […]

2020-11-14 00:32


Фото:

PayPal Wins Patent for Ransomware Detection Solution

Global payment processing platform PayPal has been awarded a patent for a technique that can help with the timely detection and reduction of ransomware attacks. Ransomware attacks are a form of malware that takes over the victim's computer, locks up the files therein and demands a ransom before the files can be accessed again — often to be paid in cryptocurrency.

2019-4-19 21:17


Today’s Top Crypto News: Bitcoin Price Analysis, Elon Musk, China, Kraken, PayPal and Blockchain Stories

We would like to formally welcome back Bitcoin Exchange Guide's top cryptocurrency news headlines in VIDEO format – a massive success in it's first go around, we know how much the crypto community loves to consume our content and adhere to the advantages that video can bring vs always reading black and white text. While […]

2019-4-10 01:33


VISA Fintech создает команду экспертов VISA Crypto

Несколько месяцев назад мы были свидетелями предупреждений аналитиков о том, что Visa и Paypal могут быть вытеснены с рынка из биткойнов и других криптовалют. Как бы то ни было для Paypal, но VISA Inc. создает новую «Crypto Team».

2019-3-18 16:16