PayPal USD, a stablecoin designed to harness the advantages of stablecoins for seamless payments. Backed 100% by U.S. dollar deposits, short-term U.S. Treasuries, and similar cash equivalents, PayPal USD offers a reliable bridge between digital and fiat currencies. It's redeemable 1:1 for U.S. dollars and is issued by Paxos Trust Company.
Features
Eligible PayPal customers who acquire PayPal USD can:
- Easily transfer PayPal USD between PayPal accounts and compatible external wallets.
- Make person-to-person payments using PYUSD.
- Choose PayPal USD as a funding source during checkout for purchases.
- Effortlessly convert any of PayPal's supported cryptocurrencies to and from PayPal USD.
Web 3.0
PayPal USD serves as a pivotal link between fiat and Web3 for consumers, merchants, and developers. Leveraging PayPal's extensive experience in large-scale payments and the efficiency of blockchain protocols, PayPal USD, an ERC-20 token on the Ethereum blockchain, is accessible to a rapidly expanding community of developers, wallets, and web3 applications. This token can be easily adopted by exchanges and will empower experiences within the PayPal ecosystem.
Designed to enhance in-experience payments within virtual environments, enable swift transfers for various purposes, and support the expansion of digital assets, PayPal USD is aligned with the web3 ecosystem and will soon be available on Venmo.
Reliable
Transparent and U.S. Dollar-denominated, PayPal USD is issued by Paxos Trust Company, a licensed limited purpose trust company under the regulatory oversight of the New York State Department of Financial Services. Reserves for PayPal USD are entirely backed by U.S. dollar deposits, U.S. Treasuries, and similar cash equivalents, ensuring its stability. Beginning in September 2023, Paxos will provide a public monthly Reserve Report and third-party attestation of the value of PayPal USD's reserve assets, complying with standards set by the American Institute of Certified Public Accountants (AICPA).
Conclusion
In summary, PayPal USD introduces a stablecoin backed by U.S. dollar deposits and Treasuries, designed to enhance digital transactions and streamline payments. With easy buying and selling options, conversion to other supported cryptos, and the ability to use PayPal USD for online purchases, it offers convenience and versatility. Tansfers to Ethereum wallets accepting PYUSD are hassle-free. Upholding transparency and compliance, Paxos Trust Company ensures the stability of PayPal USD, fostering a future of expanded payment opportunities within the PayPal ecosystem. This marks a significant step towards the seamless integration of fiat and digital currencies, promising a new era of enhanced payment experiences.
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