In order to be compatible with the most popular exchanges, wallets, and Web3 apps, PayPal has introduced a stablecoin pegged to the US dollar that is intended for use in digital payments and Web3.
PayPal USD (PYUSD) can be exchanged 1:1 for US dollars and is fully backed by US dollar deposits, short-term US treasuries, and similar cash equivalents. Eligible US PayPal users who purchase PayPal USD will be able to send payments to one another, fund transactions at PayPal-accepting checkouts.
It will also exchange cryptocurrency holdings into and out of PayPal USD starting right away and rolling out over the next few weeks.
Read More: PayPal launches its own stablecoin
