PayPal is preparing to launch its PayPal USD (PYUSD) stablecoin through support of Paxos Trust.
Payments giant PayPal is taking firm steps forward in the crypto and blockchain world. According to a report from Bloomberg, PayPal will be working with the eventful company Paxos Trust to launch a new stablecoin. The stablecoin to be issued will be named PayPal USD.
PayPal stands out for stablecoin!
Payments giant PayPal will launch stablecoins for use in crypto payments and transfers.
PayPal is launching a stablecoin, taking blockchain and crypto work to the next level. This stablecoin is planned to be PayPal (PYUSD). Reporting on this issue, Bloomberg stated that the payment giant will work with the eventful company Paxos Trust.
Paxos Trust was put under investigation in February for its ties to Binance. As a result of this investigation, the work on BUSD was terminated and TUSD was used instead.
PayPal is preparing to launch a stablecoin to be used for payments among traditional finance products. This stablecoin, which is said to play an important role in the adoption of digital assets, will be fully supported by US deposits. In addition, the company will support the stablecoin with short-term treasuries and similar cash assets.
Chief Executive Officer Dan Schulman mentioned that with PYUSD, transfer transactions can be carried out easily without the need for a central intermediary. In addition, Schulman stated that they plan to have the stablecoin become part of the overall payment infrastructure.
PayPal, on the other hand, experienced a 35 percent drop in share value.
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