Zero hedge
By Tyler Durden – August 7, 2023
Authored by Prashant Jha via CoinTelegraph.com,
American financial technology company PayPal launched a new crypto stablecoin called PayPal USD (PYUSD) on Aug. 7.
The new US dollar-backed stablecoin will be issued by Paxos Trust Co. and fully backed by United States dollar deposits, short-term Treasuries and similar cash equivalents.
The new stablecoin is built on Ethereum and is “designed for digital payments and Web3.”
The firm said that the new stablecoin will be available soon to United States customers.