• PayPal has launched PYUSD, a stablecoin tied to the US dollar’s value, supported by Paxos Trust.
• The Clarity for Payments Stablecoin Bill is passing in the House Financial Committee.
• PYUSD will be accessible to customers within the United States and can be used for digital transactions and Web3 capabilities.
PayPal Launches Stablecoin
PayPal, an American fintech firm, recently announced the launch of its new stablecoin named PYUSD (PayPal USD). This stablecoin is linked to the U.S. dollar’s value and backed by deposits in U.S. dollars, short-term Treasuries, and comparable cash forms. It has been built using the Ethereum platform specifically for digital transactions and Web3 capabilities. Additionally, it will soon be accessible to customers within the United States who can exchange PYUSD for U.S. dollars instantly as well as trade it for various cryptocurrencies on the PayPal platform or transfer it between PayPal and Venmo accounts.
The Impact of PayPal’s Stablecoin
Dan Schulman, President and CEO at PayPal remarked that “the shift toward digital currencies requires a stable instrument that is both digitally native and easily connected to fiat currency like the US dollar… Our commitment to responsible innovation and compliance provides us with a foundation necessary to contribute to the growth of digital payments through PayPal USD.“ He also envisions this newly introduced stablecoin integrating into broader payments frameworks making it a viable option for making various purchases in near future. Moreover, Charlie Shrem believes that Paypal launching a stablecoin will skyrocket Bitcoin prices up to $250,000 faster than anticipated while Ethereum could potentially 10x on a faster timetable too!
PayPal Expands Crypto Offerings
With over 350 million users globally already benefiting from purchasing, selling or retaining cryptocurrencies such as Bitcoin (BTC), Ether (ETH), Bitcoin Cash (BCH) or Litecoin (LTC), customers in both US & UK are now able to make transactions using these digital assets thanks to PayPal’s support for them .
In conclusion , with its introduction of PYUSD , Paypal is taking another step towards becoming a significant player in crypto based payments & facilitating easier access & use cases for its users . It remains yet to be seen how much impact this move will have on cryptocurrency adoption worldwide but one thing is certain – we are closer than ever before towards mainstream adoption!