PayPal introduces its own stablecoin for transfers and payments.
According to the announcement, PayPal USD (PYUSD) will be available to PayPal customers in the U.S. The stablecoin will be backed by U.S. dollar deposits, short-term government bonds and similar cash equivalents.
PayPal's new cryptocurrency will be issued in partnership with Paxos Trust. Development of the coin was suspended in February due to a U.S. regulatory investigation into Paxos.
As CoinIdol, a world blockchain news outlet, previously reported, the community was excited by the news that PayPal will launch direct buying and selling of cryptocurrencies. However, it took years before any confirmations were published.
PayPal's plans were first reported by Condesk news agency, which cited an anonymous source said to be close to the company. The rumour was reinforced by the fact that PayPal announced the hiring of blockchain and cryptocurrency engineers to its team.