Payments Giant PayPal Launches Its Own Stablecoin.
Payments giant PayPal announced today that it has launched a stablecoin named PayPal USD (PYUSD). PayPal partnered with Paxos Trust to launch its stablecoin so PayPal USD will be pegged to U.S. dollars issued by Paxos Trust.
PayPal started crypto payments in March 2021 and has been active in the crypto industry since then, and it is known that it has been working on crypto projects for 2 years to be more active in the crypto industry. PayPal has launched its own stablecoin to take advantage of the opportunities stablecoins offer for payments.
PayPal USD (PYUSD) is fully backed by U.S. dollar deposits, short-term U.S. treasuries and similar cash equivalents, and can be redeemed 1:1 for U.S. dollars.
Starting today and rolling out in the coming weeks1, eligible U.S. PayPal customers who purchase PayPal USD will be able to:
-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
Click for more information
PayPal CEO Dan Schulman hopes PayPal USD (PYUSD) will become part of the overall payment infrastructure.
Frankly, I was waiting for PayPal to launch its own stablecoin, so this didn't surprise me. I think Paypal is on its way to becoming a crypto payment giant and I think it will dive deeper into the crypto industry in the future. PayPal knows that cryptos will be adopted more in the future and the crypto industry will grow more and is working and investing in this direction. I think Paypal wants to be the market leader in crypto payments.
I think other companies will follow PayPal because all giant companies will want to take advantage of the promising opportunities in the crypto industry. While many do not dare to enter the crypto industry, giant companies go deeper. While many companies do not dare to enter the crypto industry, giant companies go deeper, which is why they are giants.
Frankly, I think they will have to enter the crypto industry whether they want to or not, otherwise they will lose their customers, but those who enter the crypto market from the early stage will make the most profit. That's why I think it's wise for companies like PayPal to enter the crypto market at an early stage.
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That's pretty cool but some country like Nigeria is waiting for palpal transaction to be accepted
I hope that in the future Paypal transactions will be accepted there and in many more countries. Not only PayPal, but also many payment companies will take similar steps.
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🙌🏻 Read that too, today. Will be a Token on the Ethereum Blockchain.
ok.
PayPal sees the importance of tapping into crypto and it is doing so by going deeper and deeper. It is trying to stay relevant by introducing a stablecoin.
Definitely. I even think they will do more things related to crypto in the future.