PayPal issues stablecoin PYUSD

PayPal issues stablecoin PYUSD Recently, PayPal announced that it will launch a stablecoin backed by the US dollar called PYUSD issued by Paxos Trust. PYUSD is an ERC-20 token running on the Ethereum platform.
Similar to stablecoins already on the market such as tether (usdt) or usd coin (usdc)... PayPal USD (PYUSD) is a stablecoin backed by US dollars, short-term US Treasury bonds and other cash equivalent assets PYUSD will initially only be launched in the US market and through the PayPal application, and will then continue to support money transfers to the Venmo application.
The company intends for PYUSD to be used in the crypto and Web3 space with functions such as purchasing items and trading cryptocurrency tokens, before being widely applied to other users. Starting September, PayPal will issue monthly reports attesting to collateral for PYUSD. Paxos will also invite an external auditor to audit the collateral assets for PYUSD.
PayPal issues stablecoin PYUSD Recently, PayPal announced that it will launch a stablecoin backed by the US dollar called PYUSD issued by Paxos Trust. PYUSD is an ERC-20 token running on the Ethereum platform. Similar to stablecoins already on the market such as tether (usdt) or usd coin (usdc)... PayPal USD (PYUSD) is a stablecoin backed by US dollars, short-term US Treasury bonds and other cash equivalent assets PYUSD will initially only be launched in the US market and through the PayPal application, and will then continue to support money transfers to the Venmo application. The company intends for PYUSD to be used in the crypto and Web3 space with functions such as purchasing items and trading cryptocurrency tokens, before being widely applied to other users. Starting September, PayPal will issue monthly reports attesting to collateral for PYUSD. Paxos will also invite an external auditor to audit the collateral assets for PYUSD.