The future of payments just got a whole lot brighter thanks to a big new announcement from PayPal. The payments giant has launched its own US dollar backed stablecoin called PayPal USD (PYUSD).
This is the first time a major financial institution has launched its own digital token. With PayPal’s expertise and reach, PYUSD could supercharge stablecoin adoption and bring crypto’s speed and efficiency to the mainstream payment’s world. [1].
Built in partnership with Paxos Trust Company, PYUSD is the best of both worlds – the stability of the US dollar and the programmability of blockchain. That’s right, each PYUSD token is redeemable for one real US dollar, so its value is locked in even when crypto is volatile. [2]
And that’s not all. PayPal will be integrating PYUSD across its entire platform, from peer-to-peer transfers to checking out with crypto and more. So, for millions of customers, decentralized finance is about to get a whole lot simpler.
As the only stablecoin inside the PayPal network, PYUSD brings some big firsts. It’s the first-time everyday people will get to experience blockchain payments tied to real cash. And for developers and merchants, it’s a new way to expand business models with crypto. [2] So what’s the takeaway? PYUSD is now open for business.
