At the beginning of the week, on August 7, the American fintech company “PayPal” announced that it is taking a big step in the field of cryptocurrencies and has launched its payment tool “PayPal USD” (PYUSD). As the name suggests, this cryptocurrency is pegged to the US dollar and counted against stablecoins (cryptocurrencies whose value is pegged to the value of an external asset, such as government-issued currency or gold, in this case the US dollar). PayPal USD will be launched by Paxos Trust Co and will be used for digital payments and payments in the Web3 environment.
It was previously rumored that PayPal might launch its own cryptocurrency, PayPal Coin. Although the name is a bit different, the direction of the rumors was correct. The company informs that “PayPal USD” will soon be available for purchase both in the company’s app and on the web version. With it, users will be able to perform all other actions that can be done with other cryptocurrencies – buy, sell, hold, transfer, exchange for other cryptocurrencies. The company claims that a little later PayPal USD will be able to be used as a means of payment for various purchases, including in the Web3 environment.
With the launch of ‘PayPal USD’, the company could accelerate its efforts to become a cryptocurrency payments giant. PayPal has been working towards this goal since 2020, when it started offering payments with cryptocurrencies. Already, users in the US and UK can transact with Bitcoin and other popular cryptocurrencies. It should be noted that more than 350 million active customers currently use PayPal services.
2023-08-10 07:00:00
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