PayPal, the online payment giant, has announced the launch of its own cryptocurrency, a stablecoin called PayPal USD (PYUSD).
According to the company, PYUSD is “a stablecoin backed by secure and highly liquid assets” and is pegged to the US dollar at a 1:1 ratio. Users can buy, sell, hold and transfer PYUSD on PayPal’s app or website, as well as use it for payments and transactions.
PayPal says that PYUSD is designed to offer “fast, low-cost and secure” access to the digital economy and to complement its existing portfolio of cryptocurrencies, which include Bitcoin, Ethereum, Litecoin and Bitcoin Cash.
PYUSD is currently ranked as the #10895 cryptocurrency by market cap and has no trading data available yet.
