Financial technology company PayPal launched a new crypto stablecoin called PayPal USD (PYUSD) on Aug. 7.
The new stablecoin will be issued by Paxos Trust Co. and fully backed by United States dollar deposits, short-term Treasuries and similar cash equivalents, according to a Bloomberg report. The firm said that the new stablecoin will be available soon to the United States customers.
The launch of a stablecoin could push the company’s bid to become a crypto payment giant, a contention that the company started in first quarter of 2021 after making way for crypto payments on the paltform.
The company first confirmed its plan to launch a crypto stablecoin in January 2022 claiming it would work on the stablecoin and will do so while working closely with relevant regulators.
This is a developing story, and further information will be added as it becomes available.