PayPal has long been interested in the evolving crypto landscape, but with its recent stablecoin announcement, the payments giant is taking its involvement to the next level.
PayPal, one of the world’s largest online payment systems, has introduced its own stablecoin, called PayPal USD (PYUSD). The ERC-20 stablecoin will be pegged by the “dollar deposits, US treasuries, and cash equivalents.” Upon the rollout, PYUSD is set to launch on Ethereum and is worth $1.
PayPal’s Stablecoin Could be Huge
The stablecoin is a collaborative effort of PayPal and Paxos to revolutionize the digital payment landscape and Web3. According to PayPal, it is designed to be compatible with popular exchanges, Web3 apps, and wallets.
Users can register for the initial $PYUSD distribution by connecting their crypto wallets, such as MetaMask, Ronin Wallet, Coinbase, and Ledger Live.
Users can buy, sell, send, and receive PayPal USD in the app or on the…
