An American multinational financial technology PayPal becoming the first fintech to initiate a U.S. dollar-denominated stablecoin PayPalUSD (PYUSD). The contribution of the PYUSD is aimed to offer the opportunity for stablecoins payments and it is affirmatively supported by U.S. dollar deposits, short-term U.S. Treasuries and similar cash equivalents.
On 7 August, PayPal introduced PayPalUSD as part of its initial strategy to enter the wider cryptocurrency space. PayPalUSD will be available to external developers, wallets and web3 applications, and will be deployed to enhance the experience ecosystem within PayPal.
PayPal CEO Dan Schulman commented on the company’s commitment to the project:
Our commitment to responsible innovation and compliance, and our track record delivering new experiences to our customers, provides the foundation necessary to contribute to the growth of digital payments through PayPal USD.
In addition, PayPal is also committed to increasing consumer and merchant understanding of cryptocurrencies, stablecoins and central digital currencies (CBDC).
