Payment tech giant Paypal released its new USD stable coin last week and is set to be releasing to US citizens very soon. $PYUSD will be issued by Paxos a trusted stable coin provider on the Ethereum network and backing PYUSD 1 for 1 with fiat, short term treasury bills and cash equivalent assets. The idea is for Paypal to provide web3 payment solutions for those wanting to adopt the technology but continue to use traditional web2 services and trusted payment gateways like PayPal. Users will be able to exchange their PYUSD for USD or other cryptocurrencies on their platform.
