PayPal launches US dollar stablecoin
Company will publish reserves report in September
PayPal announced the launch of PayPal USD on August 7, a stablecoin that it says is backed by US dollars, short-term US Treasuries and “similar cash equivalents”.
As well as transfers and payments, US customers will be able to “convert any of PayPal’s supported cryptocurrencies to and from PayPal USD”, the payments firm said in a press release. Pay Pal has 435 million active accounts.
Dan Schulman, president and CEO of PayPal, claimed there is now a “shift towards digital currencies” that
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