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PayPal enters the crypto market with PYUSD

PayPal stablecoin now available (Source: PayPal)
PayPal stablecoin now available (Source: PayPal)
Previously rumored to arrive as PayPal Coin, the brand's first step into the crypto market finally took place yesterday. The PayPal USD (PYUSD) stablecoin, which will be soon traded via the PayPal apps/website, is fully backed by USD deposits alongside short-term US treasuries and similar cash equivalents.

Yesterday, PayPal revitalized the crypto market with the introduction of its first coin, which had been mentioned by various rumors in the past. However, what was known as the "PayPal Coin" while in the rumor mill turned out into PayPal USD at launch. Abbreviated PYUSD, this is a stablecoin tied to the value of the US Dollar, as its name suggests.

According to PayPal, the new coin is "designed for payments and is backed by highly liquid and secure assets" and it will roll out globally in the coming weeks. PayPal users across the world will be able to buy, sell, hold, and transfer the coin using the brand's popular mobile apps and website. More details can be found on this page.

A big name in the digital payment solutions market, PayPal is now playing in the crypto market as well. As PYUSD will expand its reach, it might become a more profitable alternative to fiat exchange in some markets. Obviously, it will take at least a few months until the real impact of PYUSD's introduction could be properly assessed. Until then, PayPal users in markets that don't have access yet should keep an eye on their accounts to see when PYUSD reaches them.

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Disclaimer: The information reported here should not be used as a basis for any personal investment decision. Notebookcheck does not offer cryptocurrency, NFT, or other trading, investment, or financial advice.

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Codrut Nistor, 2023-08- 8 (Update: 2023-08- 8)