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Global payments giant PayPal is launching its own stablecoin pegged to the U.S. dollar and issued by Paxos Trust.
PayPal to Issue Dollar-Pegged Crypto Stablecoin Based on Ethereum The token will be available first on PayPal and then on Venmo, and can be exchanged for U.S. dollars at any time.
Global payments giant PayPal (PYPL) is entering the cryptocurrency market with its own U.S. dollar-pegged stablecoin, PayPal USD (PYUSD), the company announced on Monday. The Ethereum-based token will soon be available to PayPal users in the U.S. This is the first time a major financial company is issuing its own stablecoin. Users can transfer PYUSD between PayPal and supported external digital wallets, use the tokens to pay for goods and services or convert any of PayPal's supported cryptocurrencies to and from PYUSD.