PayPal Launches Stablecoin PYUSD

https://newsroom.paypal-corp.com/2023-08-07-PayPal-Launches-U-S-Dollar-Stablecoin

Summary

  • PayPal USD (PYUSD).
  • Fully backed by U.S. dollar deposits, short-term U.S. treasuries and similar cash equivalents.
  • Can be redeemed 1:1 for U.S. dollars.
  • Launched on 07 Aug 2023.
  • Issued by Paxos Trust Company (regulated by the New York State Department of Financial Services).
  • In June 2022, PayPal was issued a BitLicense by NYDFS after previously obtaining a conditional BitLicense.
  • Available for eligible U.S. PayPal customers.
  • Transfer PayPal USD between PayPal and compatible external wallets.
  • Send person-to-person payments using PYUSD.
  • Fund purchases with PayPal USD by selecting it at checkout.
  • Convert any of PayPal's supported cryptocurrencies to and from PayPal USD.
  • ERC-20 token issued on the Ethereum blockchain.
  • Will soon be available on Venmo.
  • PayPal USD can be bought or sold through PayPal at a rate of $1.00 per PayPal USD.
  • Beginning in September 2023, Paxos will publish a public monthly Reserve Report for PayPal USD.
  • Paxos will also publish a public third-party attestation of the value of PayPal USD reserve assets (AICPA standards).


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