PayPal Goes Crypto

  • PayPal has announced its plan to introduce a stablecoin for payments and transfers. Known as PayPal USD (PYUSD), this digital currency is backed by U.S. dollar deposits, short-term U.S. Treasuries, and similar cash equivalents, and is gradually being rolled out to customers in the United States.
  • A stablecoin is a form of cryptocurrency that is tethered to an external asset, such as the U.S. dollar. However, the concept of stablecoins has faced some controversy. For instance, Meta (formerly known as Facebook) faced regulatory opposition and eventually abandoned its own stablecoin project called Diem. Similarly, earlier this year, PayPal temporarily halted its stablecoin development due to regulatory scrutiny in the crypto industry.
  • Despite the challenges, PayPal remains committed to offering a stablecoin solution that provides convenience and reliability for its users.
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