On August 7, the American company PayPal introduced a fresh stablecoin named PayPal USD (PYUSD).

The U.S. dollar-pegged stablecoin will be released by Paxos Trust Co. and will be entirely backed by U.S. dollar deposits, short-term Treasury securities, and other cash equivalents. The company says it's based on Ethereum and "designed for digital payments and Web3," and that American customers will soon be able to purchase it.

PYUSD will always be convertible into US dollars, tradable on PayPal for other cryptocurrencies, and transferrable between PayPal and Venmo. According to the business, it will soon be accepted as a form of payment for a variety of items.

The release of a stablecoin by PayPal might hasten that endeavor, which the corporation began in 2020 after allowing cryptocurrency payments on its network.

Dan Schulman, the CEO of PayPal, anticipates that the new stablecoin will be integrated into the wider payments system. The business initially disclosed its intention to introduce a stablecoin for cryptocurrencies in January 2022, promising to collaborate closely with pertinent regulators.

Sources:

https://cointelegraph.com/news/paypal-launches-stablecoin-for-payment