 "PayPal")
Representative Image (Photo: Reuters)
PayPal Holdings Inc. is rolling out a stablecoin, the first by a large financial company and a potentially significant boost to the sluggish adoption of digital tokens for payments.
PayPal $ (PYUSD) is issued by Paxos Trust Co. and fully backed by US dollar deposits, short-term Treasuries and similar cash equivalents, the San Jose, California-based payments company said on Monday. It’s pegged to the dollar and will be gradually available to PayPal’s customers in the US.
With PYUSD, Chief Executive Officer Dan Schulman is seeking to cement PayPal’s dominance in digital payments by leaning on technology.
First Published: Aug 07 2023 | 10:45 PM IST
Note:- (Not all news on the site expresses the point of view of the site, but we transmit this news automatically and translate it through programmatic technology on the site and not from a human editor. The content is auto-generated from a syndicated feed.))
