US payments giant PayPal announced on 7 August the launch of a dollar-backed stablecoin named “PayPal USD”. This launch comes despite the increasing regulatory scrutiny of the crypto sector in the US, leading some firms, like Revolut, to withdraw their crypto activities in the country. PayPal will partner with Paxos to issue PayPal USD, which is redeemable one-to-one for US dollars. PayPal users will be allowed to transfer the stablecoin between wallets, make payments, and also convert it into other digital currencies, including Bitcoin. Stablecoins, which are designed to have a stable value pegged to a fiat currency like the dollar, help bridge the gap between traditional finance and the cryptocurrency market.
Source: https://www.ft.com
