-1.31%
Global payment processing giant PayPal (NASDAQ:PYPL) announced its United States dollar-pegged payment stablecoin called PayPal USD (PYUSD) on Aug. 7.
The stablecoin is developed on Ethereum (ERC-20) and will be issued by Paxos Trust Co. PYUSD is reportedly fully backed by U.S. dollar deposits, short-term Treasurys and similar cash equivalents.
One-year USDC market capitalization chart shows value dropping sharply with onset of banking crisis. Source: CoinMarketCap
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