PayPal is diving deeper into crypto by launching its own stablecoin—what investors should know
Publishing timestamp: 2023-08-10 09:15:01
Summary
PayPal has launched its own U.S. dollar-backed stablecoin called PayPal USD (PYUSD). Unlike other cryptocurrencies, stablecoins are backed by physical assets such as commodities or fiat currencies to maintain a consistent price. PYUSD is redeemable 1:1 for U.S. dollars and is issued by Paxos Trust Company. PayPal customers can transfer PYUSD to compatible external crypto wallets, make peer-to-peer payments, and convert it to other supported cryptocurrencies. The move towards stablecoins aligns with PayPal's core business model and its belief in the future role of public blockchains in payments. However, caution is advised when dealing with stablecoins and only buying from trustworthy and regulated issuers.
Sentiment: NEUTRAL
Tickers: PYPL,
Keywords: paypal holdings inc, cryptocurrency, united states, personal investing,
Source: https://www.cnbc.com/2023/08/10/paypal-launches-its-own-dollar-backed-stablecoin.html