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American financial technology company PayPal (NASDAQ:PYPL) launched a new stablecoin called PayPal USD (PYUSD) on Aug. 7.
The U.S. dollar-pegged stablecoin will be issued by Paxos Trust Co. and fully backed by U.S. dollar deposits, short-term Treasurys and similar cash equivalents. It’s built on Ethereum and “designed for digital payments and Web3,” with the firm saying it will soon be available to United States customers.
PayPal USD compatibility with crypto exchanges, Web3 apps and crypto wallets. Source: PayPal
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