Fully-backed, regulated stablecoins have the potential to transform payments in web3 and digitally native environments. To address that emerging potential, PayPal (PYPL) today announced the launch of a
PayPal USD is designed to contribute to the opportunity stablecoins offer for payments and is 100% backed by
Starting today and rolling out in the coming weeks1, eligible
- Transfer PayPal USD between PayPal and compatible external wallets
- Send person-to-person payments using PYUSD
- Fund purchases with PayPal USD by selecting it at checkout2
- Convert any of PayPal's supported cryptocurrencies to and from PayPal USD
"The shift toward digital currencies requires a stable instrument that is both digitally native and easily connected to fiat currency like the
Building the Bridge Between Fiat and Web3 for Consumers, Merchants and Developers
PayPal USD will be available to consumers, merchants and developers to seamlessly connect fiat and digital currencies. 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. As an ERC-20 token issued on the Ethereum blockchain, 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.
PayPal USD is designed to reduce friction for in-experience payments in virtual environments, facilitate fast transfers of value to support friends and family, send remittances or conduct international payments, enable direct flows to developers and creators, and foster the continued expansion into digital assets by the largest brands in the world. 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.
PayPal USD is issued by Paxos Trust Company, a fully licensed limited purpose trust company subject to regulatory oversight by the New York State Department of Financial Services. In
Reserves for PayPal USD are fully backed by
Focusing on Education, Understanding and Adoption of Digital Currencies
In addition to building products and services that add utility to digital currencies, PayPal is focused on increasing consumer and merchant comprehension of cryptocurrencies, stablecoins and central bank digital currencies (CBDCs), while working closely with regulators as the industry evolves. In addition to offering PayPal USD for
To learn more about PayPal's cryptocurrency services, click here.
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