PayPal has launched a U.S. dollar stablecoin, becoming the first major financial technology firm to embrace digital currencies for payments and transfers. The stablecoin, PayPal USD (PYUSD), is fully backed by the US dollar and is “designed to reduce friction” for payments within virtual spaces and provide faster, cheaper transfers of money across borders. It will be available “soon” on Venmo, the popular payments app owned by PayPal.
PayPal’s entry into the stablecoin market is expected to boost confidence in the troubled industry and potentially open the doors for wider adoption of cryptocurrencies in everyday transactions. The launch of PayPal’s regulated stablecoin is considered a ‘watershed moment’ in the crypto space. The stablecoin, PayPal USD (PYUSD), is fully backed by the US dollar and is “designed to reduce friction” for payments within virtual spaces and provide faster, cheaper transfers of money across borders. It will be available “soon” on Venmo, the popular payments app owned by PayPal.
