Online payment service PayPal announced yesterday that it will release an Ethereum-based US dollar stablecoin under the symbol PYUSD in the coming weeks. As we have already reported, the well-known stablecoin publisher Paxos has been hired to issue PYUSD. The PayPal stablecoin will thus be covered 1:1 with US dollar monetary values and can be exchanged back for “real” US dollars at any time. Monthly reports and external audits should prove sufficient coverage.
The stablecoin construction thus suggests that there should be no doubt about the trustworthiness and security of PYUSD. You are more likely to choose the path of stablecoin publisher Circle (USDC) instead of Tether (USDT).
PayPal and its 431 million users
431 million people, around five percent of the world’s population, actively use PayPal. This makes the company the most successful online payment service in the West. The outstanding user-friendliness of sending money or shopping online quickly and easily makes PayPal so attractive for many people and merchants. A crypto integration through PayPal therefore always means new standards of user-friendliness and mass establishment.
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