© Reuters. The PayPal logo in a photo from Reuters archive.
(Reuters) – Financial transaction firm PayPal on Monday launched a dollar stablecoin in an effort to boost reliance on the dollar for payments and transfers.
The firm said the stablecoin is backed by dollar deposits and short-term US Treasury notes and will be issued by Paxos Trust.
PayPal shares rose 1.4 percent to 63.66.
Stablecoins are cryptocurrencies designed to protect against extreme volatility that makes it difficult to use digital assets for payments or as a store of value.
PayPal said the stablecoin would gradually be made available to the company’s US customers.
(Prepared by Muhammad Ali Farag for the Arabic Bulletin – Edited by Ali Khafaji)
2023-08-07 15:27:00
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