PayPal introduced its new stablecoin called PayPal USD, denominated in the U.S. dollar, on Monday. This move marks a key milestone, as it makes PayPal the first major player in the financial technology sector to embrace digital currencies for seamless payments and transfers.
The purpose behind PYUSD is to capitalize on the potential benefits offered by stablecoins in the completion of transactions. Notably, it is fully backed by short-term U.S. Treasury securities, U.S. dollar deposits and analogous liquid assets, ensuring its stability. The stablecoin can be redeemed on a…
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