.PayPal launches $PYUSD, a USD-pegged stablecoin: First comprehensive guide PayPal
On Aug. 7, 2023, American multinational heavyweight PayPal announced the launch of native stablecoin PayPal USD . This is the first time a Web2 major issues digital assets on a public blockchain.Here is what we know about PayPal USD's design and the opportunities it unlocks for digital money users.The release of PayPal's PYUSD stablecoin changes the narrative in the cryptocurrencies segment: amid a regulatory crackdown, it can reestablish trust in blockchain assets as an economic class.
Starting from September 2023, Paxos Trust Company will publish its Reserve Report for PayPal USD in order to demonstrate the health and balance of its reserves;The launch of PayPal USD token will be a landmark achievement for the stablecoin segment: hundreds of millions of PayPal users will be able to transact ERC-20 USD-pegged stablecoins and pay for it seamlessly.Stablecoins, or stable cryptocurrencies, are digital assets that have their prices pegged to the rates of some fiat assets.
From 2002 to 2014, PayPal was a fully-owned subsidiary of eBay marketplace. Technically, it is a conglomerate of payments solutions for individuals and companies. Starting from 2021, it allows account owners to pay with Bitcoin , Litecoin , Ethereum and Bitcoin Cash .U.S. Dollar Tether is the largest stablecoin by market capitalization. It is issued by Tether Limited and is 1:1 pegged to the U.S. Dollar.
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