PayPal has unveiled the PayPal USD (PYUSD) a stablecoin issued by its crypto partner Paxos Trust on the Ethereum network. The stablecoin will initially be available only to eligible U.S. PayPal customers.
“The shift toward digital currencies requires a stable instrument that is both digitally native and easily connected to fiat currency like the U.S. dollar,” said Dan Schulman, president and CEO, PayPal. “Our commitment to responsible innovation and compliance, and our track record delivering new experiences to our customers, provides the foundation necessary to contribute to the growth of digital payments through PayPal USD.”
This is the first large scale stablecoin rollout by an incumbent financial institution which comes as stablecoin legislation is still being debated by U.S. legislators.
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