PayPal launches PYUSD stablecoin backed by the US dollar
www.theverge.com
It’s rolling out over the next few weeks.
  • AutoTL;DR@lemmings.worldBEnglish
    1·
    11 months ago

    This is the best summary I could come up with:

    The company says the cryptocurrency token is “fully backed by U.S. dollar deposits” and can be bought or sold on PayPal’s app or website at $1.00 per PYUSD.

    Stablecoins take their name from the fact that they’re centralized and backed by existing government-supported currencies like the US dollar or the Euro.

    PYUSD is launching today and will become available “in the coming weeks” to customers in the US with PayPal Balance accounts.

    It also obtained its New York BitLicense last year, which allows customers in the state to buy and sell cryptocurrency.

    The stablecoin is built on Ethereum and issued by the Paxos Trust Company, a firm based in New York that provides a regulated blockchain infrastructure to clients.

    Paxos was recently ordered to stop offering Binance’s BUSD cryptocurrency as New York regulators crack down on businesses in the crypto industry.

    I’m a bot and I’m open source!