Renowned financial payments firm PayPal has announced a brand new cryptocurrency stablecoin named PayPal USD (PYUSD). This stablecoin will be underpinned by Paxos Trust Co. and will be backed by assets such as United States dollar deposits, treasuries, and cash equivalents. The report by Bloomberg revealed that the stablecoin will soon be accessible to customers within the United States.
This move represents a strategic step for PayPal in its quest to establish itself as a prominent player in the realm of crypto payments. This ambition was initiated in the first quarter of 2021 when the company paved the way for crypto payments on its platform.
PayPal originally unveiled its intention to launch a stablecoin in January 2022. The company pledged to collaborate closely with relevant regulatory bodies while developing and implementing this stablecoin initiative.
The story is currently developing and more information will be updated as the news continues to break.