PayPal Launches Stablecoin on Ethereum, Citing 'Shift Toward Digital Currencies'

Silicon Valley-based payments firm PayPal announced it is launching a U.S. dollar stablecoin in conjunction with Paxos. From a report: 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.

Read more of this story at Slashdot.