PayPal To Roll Out Their Stablecoin PYUSD To Boost Digital Token For Payments
by Shahnawaz Alam Finance 08 August 2023
PayPal Holdings Inc. will soon roll out its stablecoin. It is the first massive step towards the adoption of digital currency by a reputed and large financial company.
PayPal’s stablecoin PYUSD is backed by the USD and is issued by Paxos Trust Co. The California-based payment company San Jose revealed on Monday that USD, short-term Treasuries, and different cash equivalents back up the PYUSD. This stablecoin is pegged to the dollar, and it will be available to Paypal customers gradually in the US.
In the past 12 months, PayPal shares have slumped by 33 percent and are the sixth worst performer on the Nasdaq index. However, Dan Schulman, the Chief Executive officer of PayPal, is willing to acquire the largest portion of the digital payment market with PYUSD.
He clarified his vision in an interview, saying, “The vision over time is that this becomes a part of the overall payments infrastructure.”