PayPal ($PYPL) just announced its very own U.S. dollar stablecoin (in cooperation with Paxos), aptly named PayPal USD (or PYUSD for the cool kids).
Today, we’re unveiling a new stablecoin, PayPal USD (PYUSD). It’s designed for payments and is backed by highly liquid and secure assets. Starting today and rolling out in the next few weeks, you’ll be able to buy, sell, hold and transfer PYUSD. Learn more https://t.co/53RRBhmNHx pic.twitter.com/53ur2KmjU7
— PayPal (@PayPal) August 7, 2023
Fully Backed: PYUSD isn’t just another coin in the crypto fountain. U.S. dollar deposits, short-term U.S. treasuries, and other cash equivalents fully back it. 🔐
Redeemable 1:1: If you’re holding onto PYUSD, you can redeem it for U.S. dollars on a 1:1 basis. According to PayPal – no gimmicks, no hidden fees.
Web3 Ready: Designed for the future, PYUSD is all set to play a pivotal role in web3 and digitally native environments. It’s compatible with the most widely used exchanges, wallets, and Web3 apps.
Rolling Out in the U.S.: For our U.S. readers (excluding Hawaii), keep an eye out. PYUSD is launching in phases, and it’ll be available to you in the coming weeks.
No word yet when we’ll see PYUSD on $COIN, Kraken, or any DEX. 📣