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PayPal Launches Its Native Stablecoin PayPal USD (PYUSD)
The payment giant is stepping into the crypto market with the introduction of its native stablecoin PayPal USD (PYUSD). The crypto which was announced in January has finally been launched.
Stablecoins are a type of cryptocurrency designed for relatively stable value. They’re typically pegged to a reserve asset, which could be a fiat currency, commodity, or another financial instrument. Like other stablecoins, PYUSD aims to ensure price stability and is pegged 1:1 to the United States dollar, making it redeemable for USD.
In a release, Dan Schulman, President and CEO of PayPal, stated:
“The shift toward digital currencies requires a stable instrument that is both digitally native and easily connected to fiat currency like the US dollar… Our commitment to responsible innovation and compliance, along with our track record of delivering new customer experiences, provides the foundation necessary to contribute to the
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