PayPal Unveils PYUSD Stablecoin for Web3 and Small Payments
The American multinational FinTech company has been an early adopter of crypto. The company’s crypto holdings surged past $1 billion in Q1 2023. With PayPal USD (PYUSD) stablecoin, the company would further strengthen its position in the digital payments market. advertisement Paxos Trust Co. will be issuing the PYUSD stablecoin which will be fully backed by US Dollar deposits, cash equivalents, and short-term Treasuries, noted the company in its Monday announcement. Pegged to the US Dollar, the PayPal stablecoin will be gradually available to American users. PayPal Chief Executive Officer Dan Schulman wants to make the company even stronger in digital payments with PYUSD. He aims to use technology that allows quick and cheaper transfers without needing a middleman. “The vision over time is that this becomes a part of the overall payments infrastructure,“ said Schulman in an interview with Bloomberg. PayPal Addresses Regulatory Concerns Schul...