BREAKING: PayPal launches stablecoin on Ethereum, citing 'shift toward digital currencies'
The new digital token will be pegged to the dollar and “gradually” made available to PayPal’s customers in the U.S., PayPal said in aPaxos will issue the coin labeled PayPal USD, or PYUSD. Issued on the Ethereum blockchain, PYUSD will be “fully backed by U.S. dollar deposits, short-term Treasuries and similar cash equivalents," the company also said.
"The shift toward digital currencies requires a stable instrument that is both digitally native and easily connected to fiat currency like the U.S. dollar," PayPal CEO"Our track record delivering new experiences to our customers, provides the foundation necessary to contribute to the growth of digital payments through PayPal USD."
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