PayPal ($PYPL) Launches a Stablecoin in Latest Crypto Payments Push

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PayPal Holdings Inc. is rolling out a stablecoin, the first by a large financial company and a potentially significant boost to the sluggish adoption of digital tokens for payments.

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PayPal USD (PYUSD) is issued by Paxos Trust Co. and fully backed by US dollar deposits, short-term Treasuries and similar cash equivalents, the San Jose, California-based payments company said on Monday. It’s pegged to the dollar and will be gradually available to PayPal’s customers in the US.

www.bloomberg.com/news/articles/2023-08-07/paypal-launches-us-dollar-stablecoin-pyusd-for-payments-transfers#xj4y7vzkg

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