Source: newsroom Translation: Shan Ouba, Golden Finance
A fully backed, regulated stablecoin has the potential to transform payments in web3 and digital native environments. In response to this emerging opportunity, PayPal (NASDAQ: PYPL) today announced the launch of PayPal USD (PYUSD), a U.S. dollar-denominated stablecoin.
PayPal USD aims to bring positive change to the stablecoin payments space and is backed by 100% USD deposits, short-term U.S. Treasury bills, and similar cash equivalents. PayPal USD is convertible one-to-one with U.S. dollars and is issued by Paxos Trust Company.
Starting today and rolling out in the coming weeks, eligible U.S. PayPal customers who purchase PayPal USD will be able to:
Transfer PayPal USD between PayPal and compatible external wallets
Person-to-person payments using PYUSD
Select PayPal USD for purchases at checkout2
Convert any cryptocurrency supported by PayPal to and from PayPal USD
"The shift to digital currencies requires a stable tool that is both digitally native and easily connectable to fiat currencies like the U.S. dollar," said Dan Schulman, PayPal's president and CEO. Responsible innovation and a commitment to compliance, along with our track record of delivering new experiences for our customers, provide the foundation necessary to drive the growth of digital payments through PayPal USD."
Build a bridge between fiat currency and Web3 for consumers, merchants and developers
PayPal USD will allow consumers, merchants and developers to seamlessly connect fiat and digital currencies. As the only supported stablecoin within the PayPal network, PayPal USD leverages PayPal's decades of experience in mass payments combined with the speed, cost and programmability of blockchain protocols. As an ERC-20 token issued on the Ethereum blockchain, PayPal USD will be available to the already large and growing community of external developers, wallets and web3 applications, can be easily adopted by exchanges, and will deploy Enhance the experience ecosystem within PayPal.
PayPal USD aims to reduce the friction of inexperienced payments in virtual environments, facilitate the rapid transfer of value to support friends and family, send money or make international payments, enable direct flows to developers and creators, and facilitate the continued expansion of digital assets by the world the biggest brands on the market. Most current stablecoins are used in web3-specific contexts - PayPal USD will be compatible with this ecosystem from day one and will be available on Venmo soon.
USD denominated, redeemable, transparent
PayPal USD is issued by Paxos Trust Company, a fully licensed limited purpose trust company regulated by the New York State Department of Financial Services. In June 2022, PayPal obtained the BitLicense issued by NYDFS after obtaining the conditional BitLicense.
PayPal USD's reserves are fully backed by U.S. dollar deposits, U.S. Treasury bills, and similar cash equivalents, and PayPal USD can be bought and sold through PayPal for $1.00 per PayPal USD.
Beginning in September 2023, Paxos will publish a PayPal USD Public Monthly Reserves report outlining the instruments that make up the reserves. Paxos will also publish public third-party attestations of the value of PayPal's USD reserve holdings. The attestation will be issued by an independent third-party accounting firm and conducted in accordance with the attestation standards established by the American Institute of Certified Public Accountants (AICPA).
Focus on digital currency education, understanding and adoption
In addition to building products and services that increase the utility of digital currencies, PayPal is working to increase consumer and merchant understanding of cryptocurrencies, stablecoins and central bank digital currencies (CBDCs), while working closely with regulators as the industry evolves. In addition to offering PayPal USD to U.S. account holders, PayPal is currently offering customers the ability to buy, hold, sell and transfer select cryptocurrencies, as well as providing educational content to help account holders understand the risks and risks of the technology. possibility.
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A Quick Look at PayPal’s U.S. Dollar Stablecoin PYUSD
Source: newsroom Translation: Shan Ouba, Golden Finance
A fully backed, regulated stablecoin has the potential to transform payments in web3 and digital native environments. In response to this emerging opportunity, PayPal (NASDAQ: PYPL) today announced the launch of PayPal USD (PYUSD), a U.S. dollar-denominated stablecoin.
PayPal USD aims to bring positive change to the stablecoin payments space and is backed by 100% USD deposits, short-term U.S. Treasury bills, and similar cash equivalents. PayPal USD is convertible one-to-one with U.S. dollars and is issued by Paxos Trust Company.
Starting today and rolling out in the coming weeks, eligible U.S. PayPal customers who purchase PayPal USD will be able to:
"The shift to digital currencies requires a stable tool that is both digitally native and easily connectable to fiat currencies like the U.S. dollar," said Dan Schulman, PayPal's president and CEO. Responsible innovation and a commitment to compliance, along with our track record of delivering new experiences for our customers, provide the foundation necessary to drive the growth of digital payments through PayPal USD."
Build a bridge between fiat currency and Web3 for consumers, merchants and developers
PayPal USD will allow consumers, merchants and developers to seamlessly connect fiat and digital currencies. As the only supported stablecoin within the PayPal network, PayPal USD leverages PayPal's decades of experience in mass payments combined with the speed, cost and programmability of blockchain protocols. As an ERC-20 token issued on the Ethereum blockchain, PayPal USD will be available to the already large and growing community of external developers, wallets and web3 applications, can be easily adopted by exchanges, and will deploy Enhance the experience ecosystem within PayPal.
PayPal USD aims to reduce the friction of inexperienced payments in virtual environments, facilitate the rapid transfer of value to support friends and family, send money or make international payments, enable direct flows to developers and creators, and facilitate the continued expansion of digital assets by the world the biggest brands on the market. Most current stablecoins are used in web3-specific contexts - PayPal USD will be compatible with this ecosystem from day one and will be available on Venmo soon.
USD denominated, redeemable, transparent
PayPal USD is issued by Paxos Trust Company, a fully licensed limited purpose trust company regulated by the New York State Department of Financial Services. In June 2022, PayPal obtained the BitLicense issued by NYDFS after obtaining the conditional BitLicense.
PayPal USD's reserves are fully backed by U.S. dollar deposits, U.S. Treasury bills, and similar cash equivalents, and PayPal USD can be bought and sold through PayPal for $1.00 per PayPal USD.
Beginning in September 2023, Paxos will publish a PayPal USD Public Monthly Reserves report outlining the instruments that make up the reserves. Paxos will also publish public third-party attestations of the value of PayPal's USD reserve holdings. The attestation will be issued by an independent third-party accounting firm and conducted in accordance with the attestation standards established by the American Institute of Certified Public Accountants (AICPA).
Focus on digital currency education, understanding and adoption
In addition to building products and services that increase the utility of digital currencies, PayPal is working to increase consumer and merchant understanding of cryptocurrencies, stablecoins and central bank digital currencies (CBDCs), while working closely with regulators as the industry evolves. In addition to offering PayPal USD to U.S. account holders, PayPal is currently offering customers the ability to buy, hold, sell and transfer select cryptocurrencies, as well as providing educational content to help account holders understand the risks and risks of the technology. possibility.