PayPal USD (PYUSD), a U.S. dollar-denominated stablecoin powered by PayPal and issued by Paxos Trust, is making its inaugural appearance on BitPay.
PYUSD will now join an esteemed cohort that includes Shiba Inu, XRP, Bitcoin, Ethereum, Dogecoin, Litecoin, Wrapped Bitcoin, as well as stablecoins such as Dai, Binance USD, USD Coin (USDC), Pax Dollar (USDP), and Gemini Dollar (GUSD), in addition to other supported crypto assets.
The PYUSD stablecoin, which was launched in August 2023 and has subsequently secured listings on various platforms, is taking a significant step forward with BitPay’s recent announcement. BitPay has introduced PYUSD (PayPal USD) payments for both merchants and consumers, underscoring its commitment to embracing this stablecoin.
In a recent update, PYUSD has been seamlessly integrated into the BitPay merchant ecosystem and BitPay app. Consequently, BitPay merchants can now readily accept PYUSD, augmenting the array of cryptocurrencies already accommodated by BitPay merchant solutions. Customers, in turn, have the flexibility to employ their BitPay Wallet, PayPal Wallet, Metamask, or any other Ethereum-compatible wallet for transactions.
Prominent among the early adopters of PYUSD is Xsolla, a video game commerce start-up. Xsolla’s decision to accept PYUSD will empower its clientele to make online purchases using the PayPal stablecoin.
This strategic move by BitPay opens up a multitude of possibilities for PYUSD users. They can utilize PYUSD not only at supported merchants but also store it securely within a self-custody wallet or leverage PYUSD to procure gift cards from a diverse selection of over 250 retailers and brands.
Furthermore, Paxos, the issuer of PayPal USD, has issued its inaugural transparency report for the stablecoin. The report unequivocally affirms that PYUSD is fully backed by tangible assets. According to this report, the aggregate assets held within the custody of PayPal USD “meet or exceed the token balance,” with a total of $44.4 million in tokens outstanding as of August 31, 2023. The notional position value stands at $44.5 million, reinforcing the stability and credibility of PYUSD in the cryptocurrency landscape.
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Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.
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