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PayPal, the San Jose, California-based payments giant, has unveiled its own stablecoin, PayPal USD (PYUSD), which it hopes will foster broader adoption of digital tokens for payments, Bloomberg reports.
This development is a milestone in the digital payments realm since it is PayPal’s most significant move in the cryptocurrency space since it first ventured into it in late 2020 — a pivotal moment for the industry.
The PYUSD, which is pegged to the dollar, is issued by Paxos Trust.
The coin will gradually be made accessible to PayPal’s vast customer base.
Dan Schulman, the outgoing CEO of PayPal, underscored the long-term vision for PYUSD, remarking that it’s anticipated to become an integral component of the overall payments infrastructure.