YEREVAN (CoinChapter.com) — Payment giant PayPal will launch a US-dollar-denominated stablecoin called PayPal USD (PYUSD) on the Ethereum blockchain, according to its press release published Aug 7.
The company has picked Paxos Trust Co. as the issuer of its stablecoin, noting that the dollar deposits, short-term Treasury bills, and cash equivalents will back the token’s supply. PYUSD will gradually become available to PayPal’s US-based customers.
Interestingly, the US regulators recently stopped Paxos from issuing BUSD, a Binance-branded stablecoin, on accusations that it is a security. Moreover, the House Financial Service Committee recently failed to legalize a bill wanting to track fiat-tracking digital assets.
This article will be updated with the latest information.
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