PayPal Unveils Revolutionary Cryptocurrencies Hub
- PayPal debuts the USD-backed stablecoin PYUSD, a major step into stablecoins for mainstream finance.
- “Cryptocurrencies Hub” will be launched, enabling Bitcoin interaction for verified PayPal users.
- PYUSD offers instant USD redemption, crypto transactions, and conversions within PayPal’s network.
PayPal, the payment giant, recently unveiled its USD-backed stablecoin, PayPal USD (PYUSD), and simultaneously introduced a “Cryptocurrencies Hub” for Bitcoin interaction.
This marks the first instance of a major financial company launching a stablecoin, potentially accelerating digital token adoption in transactions.
To access the cryptocurrency center, users need a personal account in good standing and verified identity details like name, address, date of birth, and taxpayer ID. The center will link directly to users’ accounts and can be accessed using existing credentials.
PYUSD is supported by US dollar deposits and short-term Treasuries, ensuring its full backing. This stablecoin pegged to the dollar, will soon be available to US-based customers, offering a gateway for digital payments and token adoption.
The service will facilitate cryptocurrency buying and selling, enable purchase payments through the platform using proceeds from crypto sales, and act as a conversion hub between PYUSD and other crypto assets.
Notably, the balance in the cryptocurrency center represents ownership of encrypted assets rather than the assets themselves.
PYUSD is designed for instant redemption into dollars and can also be exchanged for various cryptocurrencies within its network. It’s set to become usable for purchases and will soon integrate with PayPal’s Venmo app.
Users can seamlessly transfer their token holdings between PayPal and Venmo wallets, as well as to compatible third-party wallets beyond the network.
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