ICYMI: PayPal launches stablecoin on Ethereum, citing ‘shift toward digital currencies’
Eligible PayPal customers will not only be able to make transfers using the stablecoin, they will also be able to make purchases. PayPal will also allow customers to convert"supported cryptocurrencies" into or from PYUSD, the company said.
PayPal said that while services and availability of PYUSD begins today the services will be continually"rolling out in the coming weeks." By issuing the stablecoin on Ethereum, PayPal said its new token should be useful to the larger crypto community."As an ERC-20 token issued on the Ethereum blockchain, PayPal USD will be available to an already large and growing community of external developers, wallets and web3 applications," it added in its statement.At least one U.S. lawmaker was quick to voice his support of PayPal's new intiative.
“This announcement is a clear signal that stablecoins, if issued under a clear regulatory framework, hold promise as a pillar of our 21st century payments system,” said North Carolina congressman Patrick McHenry, who is also acting chairman of the House Financial Services Committee.after the American Bankers Association criticized stablecoin legislation the congressman had helped draft.© 2023 The Block Crypto, Inc. All Rights Reserved.
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