PayPal Launches Stablecoin on Ethereum, Citing 'Shift Toward Digital Currencies'

Silicon Valley-based payments firm PayPal announced it is launching a U.S. dollar stablecoin in conjunction with Paxos. From a report: The new digital token will be pegged to the dollar and "gradually" made available to PayPal's customers in the U.S., PayPal said in a press release. Paxos will issue the coin labeled PayPal USD, or PYUSD. Issued on the Ethereum blockchain, PYUSD will be "fully backed by U.S. dollar deposits, short-term Treasuries and similar cash equivalents," the company also sa