Hello friends PayPal has launched its own cryptocurrency called PYUSD. Just so you don't know, PYUSD is a stablecoin that seeks to maintain a constant value compared to other volatile cryptocurrencies such as Bitcoin and Ethereum.
It is backed by the value of the US dollar and short-term Treasury bonds. The introduction of PYUSD offers stability in the world of cryptocurrencies, where this is often hard to find.
North American customers will be able to purchase PYUSD for transactions and payments. They will also be able to convert PYUSD into other cryptocurrencies accepted by the PayPal platform. This strategy allows PayPal to stay competitive in the highly competitive market for digital payments.
At the moment PYUSD has unlimited future applications. Clients will be able to make daily transactions using PYUSD. They will also be able to make payments in stores using this stablecoin. In addition, they will have the option to convert PYUSD into other cryptocurrencies accepted by PayPal.
Despite this good news, the cryptocurrency market has not reacted, so it could be expected that the market will react positively when this is a reality.
With this great step of a giant, PayPal becomes the first company to issue its own cryptocurrency. The only downside is that the stablecoin will initially be available only to users in the United States.
The cryptocurrency will work on the Ethereum network and will be backed by deposits in US dollars.
Going back in time about two to three years ago, PayPal began offering cryptocurrency trading services. These services may have been limited to US residents and possibly only available on the web version.
Although I have not confirmed whether these services are available elsewhere in the world, the launch of the stablecoin shows PayPal's continued commitment to cryptocurrencies.
Backed by the Paxos Trust |
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Paxos Trust Company is a fully licensed company and is subject to regulatory oversight. This company also supports other stablecoins, such as Paxos Gold, which is linked to the price of gold and now the issuance and management of the PayPal stablecoin is carried out by the Paxos Trust Company, thus giving cryptocurrency confidence.
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Paypal for many years has been a monster in the world of internet payments and many companies currently accept payment through Paypal, with this Paypal gives an advance payment so as not to be left behind to always be at the forefront of the digital world And what better than creating your own cryptocurrencies.
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