PayPal launches stable currency PYUSD, with a proportion of US dollars at 1:1

Thanks to CTOnews.com netizens for the delivery of clues about the past. CTOnews.com, August 7, PayPal launched PayPal USD (PYUSD), a stable currency for transfers and payments, which is a digital currency backed by US dollar deposits, short-term US Treasuries and similar cash equivalents, with a ratio of 1:1 to the US dollar.

CTOnews.com noted from the official website that PYUSD can make personal transfers, checkouts, and transfers between PayPal and other external wallets. Users can also exchange currencies backed by PayPal with PYUSD, PayPal said.

PYUSD will be available to US customers with PayPal Balance accounts in the coming weeks and will soon be available on PayPal's Venmo payment app.

The stable coin is based on Ethernet Square and is issued by Paxos Trust Company, a New York-based company that provides customers with regulated blockchain infrastructure.

"the transition to digital currency requires a stable tool that is both digitally native and easily linked to legal tender such as the dollar," Dan Schulman, president and chief executive of PayPal, said in a statement.