PayPal, the online payments giant, has a new cryptocurrency pegged to the value of a dollar in a bid to strengthen its foothold in the digital asset market.
PayPal already allows users to buy bitcoin and several other crypto tokens and transact with them. The company said it expects customers will use its stablecoin for payments in online games and in other Web3 applications and to send international payments.
“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,” PayPal CEO Dan Schulman said in a statement.The cryptocurrency, dubbed PayPal USD, will be redeemable for $1. The company said it will be fully backed by U.S. dollars, short-term government debt and other highly liquid assets.
To issue the token, the company partnered with Paxos Trust, the same firm that issues the stablecoin of embattled crypto exchange Binance. In February, the Wall Street Journal
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