PayPal Introduces PayPal USD, a Dollar-Pegged Stablecoin, Amid Cryptocurrency Regulatory Uncertainty

  • PayPal launches its stablecoin, PayPal USD (PYUSD), fully backed by US dollar deposits, in response to the increasing embrace of digital currencies.
  • The Ethereum-based coin will enable payments, purchases, and conversions between supported cryptocurrencies, with a vision to transform web3 payments.
  • Despite PYUSD being issued by Paxos Trust and plans to work closely with regulators, potential risks remain amid broader scrutiny of cryptocurrencies by regulatory bodies.
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