PayPal Launches Stablecoin on Ethereum, Citing ‘Shift Toward Digital Currencies’

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Silicon Valley-based payments firm PayPal announced it is launching a U.S. dollar stablecoin in conjunction with Paxos. The new digital token will be pegged to the dollar and “gradually” made available to PayPal’s customers in the U.S., PayPal said in a press release. Paxos will issue the coin labeled PayPal USD, or PYUSD. Issued on the Ethereum blockchain, PYUSD will be “fully backed by U.S. dollar deposits, short-term Treasuries and similar cash equivalents,” the company also said in its statement. “As an ERC-20 token issued on the Ethereum blockchain, PayPal USD will be available to an already large and growing community of external developers, wallets and web3 applications,” it added.

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