Global payments giant PayPal has deepened its footsteps into the crypto industry by launching a dollar-backed stablecoin dubbed PayPal USD (PYUSD). The move makes PayPal one of the first large U.S. financial companies to launch its own stablecoin despite regulatory uncertainty around crypto assets in the country
- As a USD-pegged stablecoin, PayPal USD maintains a fixed value to the U.S. dollar, and it will be issued by the popular white-label stablecoin makerPaxos Trust Co.
- Like other USD-pegged stablecoins, PYUSD is backed by USD deposits, short-term treasuries, and other cash equivalents, according to a Fortune report on Monday.
- For now, users can only use PYUSD for crypto and web3-related activities, such as in-game payments and exchanges with other crypto assets. But in the long run, PayPal intends to use PYUSD to facilitate low-cost payments and transfers among users and merchants worldwide.
- The company said it would gradually roll out the new digital currency to customers in the U.S.
- Dan Schulman, president and CEO of PayPal, believes the move is part of the company’s efforts to cement its position in the digital payments industry, as there is a need for a stable asset to bridge the gap between the traditional and digital worlds
- “The shift toward digital currencies requires a stable instrument that is both digitally native and easily connected to fiat currency like the U.S. dollar,” Schulman said in a statement.
- The company has already added support for other cryptocurrencies, such as bitcoin and ether, since 2020, and users can swap PYUSD for all supported digital assets on the platform
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