PayPal has launched PayPal USD (PYUSD), its own stablecoin that gives crypto users more options. US dollar deposits, short-term Treasuries, and comparable cash equivalents will fully back PYUSD. Paxos Trust Co will issue the stablecoin.
With PayPal USD, customers can send money between PayPal and compatible external wallets without delays. They can also send money to other people using PYUSD.
Additionally, PYUSD is a payment option at checkout and can convert supported crypto to and from PayPal USD.
PYUSD will be an ERC-20 token. The goal is to provide a reliable method for bridging cash and digital currencies. Similarly, PayPal USD will cater to consumers, merchants, and developers by being readily compatible across multiple external applications and wallets in the PayPal ecosystem.