• PayPal has announced the launch of its U.S. dollar-backed stablecoin – PayPal USD (PYUSD).
• The development adds a new dimension to the emerging potential of regulated, fully-backed stablecoins in transforming payments in digitally native environments like web3.
• Paxos CEO and cofounder Charles Cascarilla said: “With the launch of the first stablecoin by a leading financial institution, PayPal and Paxos are proving the real-world value of blockchain technology.”
PayPal Launches USD-Backed Stablecoin
PayPal has officially launched its U.S. dollar-backed stablecoin, PayPal USD (PYUSD). This move is seen as an important step towards making digital currencies more accessible as it will allow for seamless conversion and regulated transactions.
Real-World Value Of Blockchain Technology
The news was welcomed by Paxos CEO and cofounder Charles Cascarilla who said that this launch proves the real-world value of blockchain technology: “With the launch of the first stablecoin by a leading financial institution, PayPal and Paxos are proving the real-world value of blockchain technology.“
Digital Currency Frontier
This development signals a significant shift towards digital currencies as it pushes the digital currency frontier with USD-backed stablecoins. These types of coins can open up new possibilities for how people use and manage their money in digitally native environments such as web3.
By allowing for seamless conversion between different types of digital assets, PYUSD could make it easier for users to send, receive, store or trade cryptocurrencies without having to worry about exchange rate volatility or liquidity issues.