PayPal launches dollar-denominated stablecoin

PayPal launches dollar-denominated stablecoin

Online payment giant launches redeemable coin 1:1 for US dollar

By Gokhan Ergocun

ISTANBUL (AA) – The US-based payment giant PayPal launched a stablecoin, named PayPal USD (PYUSD), on Monday.

The firm said in a press release that the coin is fully backed by US dollar deposits, short-term US treasuries and similar cash equivalents.

PayPal said: "(It) can be redeemed 1:1 for US dollars."

The coin can be transferred between PayPal and external wallets, the firm also said.

"PayPal USD is designed to reduce friction for in-experience payments in virtual environments, facilitate fast transfers of value," the press release noted.

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