Urgent! PayPal Announces Launch of Stablecoin (PYUSD) in Effort to Drive Crypto Payments!

<p>&nbsp;US payments giant PayPal announced the launch of its own stablecoin pegged to the US Dollar (USD), a move that will give a big boost to the adoption of digital tokens for payments.</p><p><br /></p><p>This American FinTech multinational has been an early adopter of crypto. The company's crypto holdings will surpass $1 billion in the first quarter of 2023. With PayPal USD (PYUSD) stablecoin, the company will further strengthen its position in the digital payment market.</p><p><br /></p><p>Paxos Trust Co. will issue a PYUSD stablecoin that will be fully backed by US Dollar deposits, cash, and short-term government bonds, as the company stated in its announcement on Monday.</p><p><br /></p><p>PayPal CEO, Dan Schulman, wants to build his company even stronger in digital payments with PYUSD. It aims to use technology that enables quick and cheaper money transfers without the need to involve intermediaries. "The vision in the future is that this will be part of the overall payment infrastructure," Schulman said in an interview with Bloomberg.</p><p><br /></p><p>Schulman said that PayPal has conducted extensive discussions with US regulators and policymakers as it prepares to bring the PYUSD stablecoin to market. He added:</p><p><br /></p><p><br /></p><p>"We are in a comfortable place in these discussions when people feel it is acceptable to have a respected and well-regulated US financial entity move into the stablecoin space and see it as an important initial step."</p><p><br /></p><p>With Paxos having NYDFS regulatory approval, the PYUSD stablecoin will also work in New York. In addition, starting in September, Paxos will publish a monthly report on the assets supporting PYUSD.</p><p><br /></p><p>Initially, PayPal plans to use the PYUSD stablecoin in the crypto and web3 industries, such as digital token trading and in-game payments. Later, they hope to make it available for retail and small payments.</p><p><br /></p><p>Additionally, the PYUSD stablecoin is an ERC-20 token based on Ethereum, as per the press release. PayPal USD was created to make it easy to pay for things in the virtual world and quickly send money to friends, family, or other countries, and is used by developers and creators. From the beginning, it will work well with the web3 platform, and soon, you can also use it on Venmo.</p><p><br /></p><p>Only a few players like USDT and USDC dominate this $126 billion stablecoin industry. Hopefully, with PYUSD, PayPal will be able to get a piece of this robustly growing stablecoin market.</p>