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PayPal’s stablecoin opens door for crypto adoption in traditional finance

Published 08/17/2023, 09:10 AM
Updated 08/17/2023, 12:20 PM

Global payment processing giant PayPal (NASDAQ:PYPL) announced its United States dollar-pegged payment stablecoin called PayPal USD (PYUSD) on Aug. 7.

The stablecoin is developed on Ethereum (ERC-20) and will be issued by Paxos Trust Co. PYUSD is reportedly fully backed by U.S. dollar deposits, short-term Treasurys and similar cash equivalents.

One-year USDC market capitalization chart shows value dropping sharply with onset of banking crisis. Source: CoinMarketCap

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Latest comments

Ethereum is a bad way to realise this. This one will take us nowhere.
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