PayPal is rolling out a stablecoin for payments and transfers, the company announced on Monday. PayPal USD (PYUSD) is issued by Paxos Trust Company and is backed by U.S. dollar deposits, short-term U.S Treasuries and similar cash equivalents. PayPal says the stablecoin is rolling out to US customers gradually.
Eligible U.S. PayPal customers who purchase PYUSD will be able to transfer PYUSD between PayPal and compatible external wallets, send person-to-person payments using PYUSD, fund purchases with PYUSD by selecting it at checkout and convert any of PayPal’s supported cryptocurrencies
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PayPal launches PYUSD stablecoin for payments and transfers
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