It’s rolling out over the next few weeks.
. The company says the cryptocurrency token is “fully backed by U.S. dollar deposits” and can be bought or sold on PayPal’s app or website at $1.00 per PYUSD.
With PYUSD, you can make person-to-person payments, fund purchases with the currency at checkouts, and transfer PYUSD between PayPal and other outside wallets. PayPal says that you can also convert the currencies supported by PayPal to and from PYUSD as well. Stablecoins take their name from the fact that they’re centralized and backed by existing government-supported currencies like the US dollar or the Euro. The US government is still hashing outthe collapse of Tether and TerraUSDPYUSD is launching today and will become available “in the coming weeks” to customers in the US with PayPal Balance accounts. It’ll also be available on the PayPal-owned Venmo app “soon.
PayPal’s decision to make its own stablecoin doesn’t come as a surprise — PayPal currently lets users buy, transfer, and sell cryptocurrencies in the app, including Bitcoin, Bitcoin Cash, Ethereum, and Litecoin. It
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