{"id":82722,"date":"2023-08-07T16:11:38","date_gmt":"2023-08-07T13:11:38","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=82722"},"modified":"2025-09-12T06:48:07","modified_gmt":"2025-09-12T03:48:07","slug":"paypal-launches-paypal-usd-stablecoin-pyusd","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/paypal-launches-paypal-usd-stablecoin-pyusd\/","title":{"rendered":"PayPal launches PayPal USD stablecoin (PYUSD)"},"content":{"rendered":"<p>PayPal <a href=\\\"https:\/\/www.prnewswire.com\/news-releases\/paypal-launches-us-dollar-stablecoin-301894262.html\\\">announced<\/a> the launch of the PayPal USD (PYUSD) stablecoin. The issuer is Paxos, an infrastructure company.<\/p>\n<p>According to the release, the asset is fully backed by dollar-denominated deposits, short-term Treasuries and similar cash equivalents. PYUSD is pegged to the U.S. dollar at 1:1.<\/p>\n<figure class=\\\"wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio\\\">\n<div class=\\\"wp-block-embed__wrapper\\\">\n<iframe loading=\\\"lazy\\\" title=\\\"Introducing PayPal USD (PYUSD): PayPal's U.S. Dollar Stablecoin\\\" width=\\\"500\\\" height=\\\"281\\\" src=\\\"https:\/\/www.youtube.com\/embed\/avz4_Msc9aE?feature=oembed\\\" frameborder=\\\"0\\\" allow=\\\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\\\" referrerpolicy=\\\"strict-origin-when-cross-origin\\\" allowfullscreen><\/iframe>\n<\/div>\n<\/figure>\n<blockquote class=\\\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\\\">\n<p>\u201cPayPal USD is intended for digital payments and <a href=\"https:\/\/u1f987.com\/en\/news\/what-is-web3\">Web3<\/a>, as well as for compatibility with the most widely used exchanges, wallets and applications,\u201d the release said.<\/p>\n<\/blockquote>\n<p>The company noted that the stablecoin has been available since August 7, 2023, and in the United States it will be rolled out in the coming weeks. Customers will:<\/p>\n<ul class=\\\"wp-block-list\\\">\n<li>transfer PYUSD within the service and between external wallets;<\/li>\n<li>send payments to individuals;<\/li>\n<li>pay for purchases;<\/li>\n<li>convert to any of the supported cryptocurrencies.<\/li>\n<\/ul>\n<blockquote class=\\\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\\\">\n<p>\u201cTransition to digital currencies requires a stable instrument that is both digital and easily connected to fiat currency such as the US dollar,\u201d said the company\u2019s CEO, Dan Schulman.<\/p>\n<\/blockquote>\n<div class=\\\"wp-block-text-wrappers-update-2 article_update\\\"><time class=\\\"gtb_text-wrappers_update_time\\\">August 7, 2023 | 18:24<\/time><span class=\\\"gtb_text-wrappers_update_head\\\">Update: <\/span><\/p>\n<p>In the wake of PayPal&#8217;s announcement, <a href=\\\"https:\/\/financialservices.house.gov\/news\/documentsingle.aspx?DocumentID=408945\\\">emphasized<\/a> the need for passage of a stablecoins law.<\/p>\n<blockquote class=\\\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\\\">\n<p>\u201cThis announcement is a signal that stablecoins, if issued under a clear regulatory framework, promise to become the backbone of our 21st-century payments system,\u201d he wrote.<\/p>\n<\/blockquote>\n<\/div>\n<p>PayPal USD is built on the Ethereum blockchain under the <a href=\"https:\/\/u1f987.com\/en\/news\/what-are-erc-20-tokens\">ERC-20<\/a> standard. The firm believes that the stablecoin will simplify transfers and international payments, and will also aid the wider adoption of digital assets.<\/p>\n<blockquote class=\\\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\\\">\n<p>\u201cStarting in September 2023, Paxos will publish a public monthly report on PayPal USD reserves,\u201d PayPal added.<\/p>\n<\/blockquote>\n<p>Rumors about plans for the payments giant to launch a stablecoin emerged in May 2021. At the time, one informed source suggested that PayPal was more likely to partner with a player already represented in the stablecoin space.<\/p>\n<p>In February 2023, it was reported that <a href=\"https:\/\/u1f987.com\/en\/news\/bloomberg-reports-paypals-pause-in-developing-a-stablecoin\">the firm halted development<\/a> of its own stablecoin amid news of the investigation <span data-descr=\\\"New York State Department of Financial Services\\\" class=\\\"old_tooltip\\\">NYDFS<\/span> into Paxos\u2019s activities, the issuer of BUSD and<a href=\"https:\/\/u1f987.com\/en\/news\/paxos-renames-paxos-standard-stablecoin-to-pax-dollar\"> USDP<\/a>.<\/p>\n<p>Subsequently the infrastructure company <a href=\"https:\/\/u1f987.com\/en\/news\/paxos-reports-constructive-dialogue-with-the-sec\">reported<\/a> that there had been constructive dialogue with the U.S. Securities and Exchange Commission, which <a href=\"https:\/\/u1f987.com\/en\/news\/sec-warns-paxos-of-enforcement-action-reports-say\">warned<\/a> of its intention to sue.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>PayPal announced the launch of the PayPal USD stablecoin (PYUSD).<\/p>\n","protected":false},"author":1,"featured_media":82723,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[182,807],"class_list":["post-82722","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-paypal","tag-stablecoins"],"aioseo_notices":[],"amp_enabled":true,"views":"26","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/82722","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=82722"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/82722\/revisions"}],"predecessor-version":[{"id":82724,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/82722\/revisions\/82724"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/82723"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=82722"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=82722"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=82722"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}