Why Has PayPal Launched A US Dollar Stablecoin?
The announcement that PayPal launched its own US dollar-backed stablecoin was met with mixed reactions.The project is likely being enacted to enhance the company’s current crypto play and lay the groundwork for longer-term benefits that may emerge.PayPal Launches US Dollar StablecoinOn 7 August 2023, PayPal Holdings Inc (NASDAQ:PYPL) announced the launch of its own US dollar stablecoin, dubbed PayPal USD, or PYUSD. PYUSD is the first stablecoin that PayPal customers will be able to buy, sell and hold within their PayPal wallet, and is only available to US customers at present. However, with th...