<p><span class="legendSpanClass"><span class="xn-location"><strong>SAN JOSE</strong> &#8212; </span></span>PayPal has announced the launch of its own U.S. dollar-denominated stablecoin, PayPal USD (PYUSD).</p>
<p><u><a class="wd_external" href="https://c212.net/c/link/?t=0&;l=en&;o=3937494-1&;h=2086543002&;u=http%3A%2F%2Fwww.paypal.com%2Fpyusd&;a=PayPal+USD" target="_blank" rel="nofollow noopener">PayPal USD</a></u> is designed to contribute to the opportunity stablecoins offer for payments and is 100% backed by U.S. dollar deposits, short-term U.S Treasuries and similar cash equivalents. PayPal USD is redeemable 1:1 for U.S. dollars and is issued by <u><a class="wd_external" href="https://c212.net/c/link/?t=0&;l=en&;o=3937494-1&;h=4066261768&;u=https%3A%2F%2Fpaxos.com%2Fpyusd%2F&;a=Paxos+Trust+Company" target="_blank" rel="nofollow noopener">Paxos Trust Company</a></u>.</p>
<p>Starting now and rolling out in the coming weeks, eligible U.S. PayPal customers who purchase PayPal USD will be able to:</p>
<ul >
<li><b>Transfer </b>PayPal USD between PayPal and compatible external wallets</li>
<li><b>Send </b>person-to-person payments using PYUSD</li>
<li><b>Fund purchases </b>with PayPal USD by selecting it at checkout</li>
<li><b>Convert </b>any of PayPal&#8217;s supported cryptocurrencies to and from PayPal USD</li>
</ul>
<p>&#8220;The shift toward digital currencies requires a stable instrument that is both digitally native and easily connected to fiat currency like the U.S. dollar,&#8221; said <span class="xn-person">Dan Schulman</span>, president and CEO, PayPal. &#8220;Our commitment to responsible innovation and compliance, and our track record delivering new experiences to our customers, provides the foundation necessary to contribute to the growth of digital payments through PayPal USD.&#8221;</p>
<p>PayPal USD will be available to consumers, merchants and developers to seamlessly connect fiat and digital currencies. As the only stablecoin supported within the PayPal network, PayPal USD leverages PayPal&#8217;s decades-long experience in payments at scale, combined with the speed, cost and programmability of blockchain protocols. 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, can be easily adopted by exchanges, and will be deployed to power experiences within the PayPal ecosystem.</p>
<p>PayPal USD is designed to reduce friction for in-experience payments in virtual environments, facilitate fast transfers of value to support friends and family, send remittances or conduct international payments, enable direct flows to developers and creators, and foster the continued expansion into digital assets by the largest brands in the world. Most of the current volume of stablecoins is used in web3-specific environments – PayPal USD will be compatible with that ecosystem from day one and will soon be available on Venmo.</p>
<p>PayPal USD is issued by Paxos Trust Company, a fully licensed limited purpose trust company subject to regulatory oversight by the <span class="xn-location">New York State</span> Department of Financial Services. In <span class="xn-chron">June 2022</span>, PayPal was issued a BitLicense by NYDFS after previously obtaining a conditional BitLicense.</p>
<p>Reserves for PayPal USD are fully backed by U.S. dollar deposits, U.S. Treasuries and similar cash equivalents, and PayPal USD can be bought or sold through PayPal at a rate of <span class="xn-money">$1.00</span> per PayPal USD.</p>
<p>Beginning in <span class="xn-chron">September 2023</span>, Paxos will publish a public monthly Reserve Report for PayPal USD that outlines the instruments composing the reserves. Paxos will also publish a public third-party attestation of the value of PayPal USD reserve assets. The attestation will be issued by an independent third-party accounting firm and conducted in accordance with attestation standards established by the American Institute of Certified Public Accountants (AICPA).</p>

MOUNTAIN VIEW -- ALM Ventures has announced the launch of ALM Ventures Fund I, a…
SAN FRANCISCO -- Brainworks Ventures, an AI-native venture capital fund led by DARPA alumnus Dr.…
OpenAI is hiring Slack CEO Denise Dresser as the company's Chief Revenue Officer, overseeing global…
The Santa Clara County District Attorney’s Office has charged a San Jose 17-year-old with attempted…
SANTA CLARA — Lemurian Labs has secured $28 million in an oversubscribed Series A round,…
EMERYVILLE -- Ripple Foods, a producer of high-protein, allergen-free plant-based milks, has landed $17 million in…