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PayPal launches PYUSD stablecoin for payment

– American financial technology company PayPal launched a new stablecoin called PayPal USD (PYUSD) on Aug. 7.
– PYUSD is a U.S. dollar-pegged stablecoin issued by Paxos Trust Co. and backed by U.S. dollar deposits, short-term Treasurys, and similar cash equivalents.
– It is built on Ethereum and designed for digital payments and Web3.
– PYUSD will be redeemable for U.S. dollars at all times and can be exchanged for other cryptocurrencies on PayPal.
– It will also be transferable between PayPal and Venmo and will soon be available as a mode of payment for various purchases.
– PayPal’s stablecoin launch could accelerate its efforts to become a crypto payment giant.
– PayPal already allows users in the U.S. and the UK to buy, sell, and hold Bitcoin, Ether, Bitcoin Cash, and Litecoin.
– PayPal CEO Dan Schulman hopes the stablecoin will become a part of the overall payments infrastructure.
– This is the first stablecoin launched by a major payment processor.
– PayPal and Paxos, the issuer of PYUSD, believe this launch proves the real-world value of blockchain technology.
– The regulatory environment around stablecoins in the U.S. is gradually progressing toward more clarity.
– The crypto stablecoin market has a $126 billion circulating supply, dominated by Tether-issued USDT and followed by USD Coin and others.
– Many stablecoins have recently faced regulatory hurdles in the United States.
– PayPal’s stablecoin launch comes as policymakers discuss a bipartisan stablecoin bill.
– Collect this article as an NFT to preserve this moment in history and show support for independent journalism in the crypto space.

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