PayPal Unveils USD-Backed Stablecoin PYUSD In Digital Payments Revamp
Portfolio Pulse from Piero Cingari
PayPal Holdings Inc. (NASDAQ:PYPL) has announced the launch of a new U.S. dollar-denominated stablecoin, PayPal USD (PYUSD). The digital coin, issued by Paxos Trust Co., is underpinned by U.S. dollar deposits, short-term Treasuries, and other cash equivalents. PayPal anticipates that PYUSD will initially find prominence in the crypto and Web3 domains, serving as a medium for trading various digital currencies and facilitating in-game transactions. The coin will soon be integrated into PayPal’s widely-used app, Venmo.
August 07, 2023 | 1:24 pm
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PayPal's launch of the PYUSD stablecoin could potentially bolster its position in the digital payment landscape and open up new avenues in the crypto and Web3 domains.
The launch of PYUSD is a strategic move by PayPal to fortify its position in the digital payment landscape. The integration of PYUSD into Venmo and its potential prominence in the crypto and Web3 domains could attract new users and increase transaction volumes, potentially driving up PayPal's stock price in the short term.
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