Paypal made a big splash this week with its announcement to introduce its own stablecoin – PayPal USD (PYUSD) – to revolutionize digital payments in web3 environments. Backed by U.S. dollar deposits and/or short-term U.S. treasuries, PYUSD will represent a 1:1 against U.S. dollars. The ERC-20 token on the Ethereum blockchain will permit seamless transfers and person-to-person payments, while preserving clarity through general monthly Reserve Reports and third-party attestations.
PayPal Launches U.S. Dollar Stablecoin
