American financial technology company PayPal launched a new stablecoin called PayPal USD (PYUSD) on Aug. 7. The stableco…

American financial technology company PayPal launched a new stablecoin called PayPal USD (PYUSD) on Aug. 7.

The stablecoin will be issued by Paxos Trust Co. and fully backed by U.S. dollar deposits, short-term Treasurys and similar cash equivalents. It’s built on Ethereum and “designed for digital payments and Web3,” with the firm saying it will soon be available to United States customers.

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