PayPal’s stablecoin, PYUSD, made its debut on August 7. Explore PYUSD, what it means for crypto, and how the community reacted.

The financial landscape, long accustomed to gradual evolution, witnessed a seismic shift on August 7 when PayPal, a vanguard of financial technology, introduced PYUSD, its US dollar-based stablecoin. 

Stablecoins have long been considered in the mainstream financial ecosystem but haven’t seen widespread adoption. With PYUSD, PayPal has positioned itself at the intersection of traditional and digital finance, suggesting a possible increased role for digital currency in everyday transactions.

What is PYUSD and who can use it?

PayPalUSD (PYUSD) is a stablecoin introduced by PayPal. Issued on the Ethereum (ETH) blockchain by Paxos Trust Company as an ERC-20 token, PYUSD is designed to align with wallets and web3 applications.

Set to be rolled out to PayPal Balance customers in the United States in the coming weeks, PYUSD will also soon be accessible via PayPal’s Venmo app. It is compatible with external developers, digital wallets, web3 applications, and exchanges.

Why PayPal launched PYUSD?

PayPal’s entry into the stablecoi

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Author: Ankish Jain

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