PayPal launches dollar-pegged stablecoin for payments and transfers

PayPal has launched a stablecoin called PayPal USD (PYUSD) that is backed 1:1 by US dollar deposits.
PYUSD aims to simplify payments in digital environments and enable faster transfers of funds and remittances.
Users can buy, sell, hold PYUSD and transfer between PayPal and external crypto wallets at $1 per token.
PYUSD is built on Ethereum, issued by Paxos, and will roll out gradually to eligible US PayPal customers.
As the first major US financial institution to launch a stablecoin, the move signals PayPal's confidence in the future of digital currencies.