The move marks an expansion of PayPal’s digital currency endeavors
Rumors about PayPal’s foray into the stablecoin sector have been swirling for quite a while, with Bloomberg reporting that the project was out on hold in February. The coin will gradually be made accessible to PayPal’s vast customer base.
Dan Schulman, the outgoing CEO of PayPal, underscored the long-term vision for PYUSD, remarking that it’s anticipated to become an integral component of the overall payments infrastructure. In October 2020, PayPal announced that its US customers could buy, sell, and hold selected cryptocurrencies - namely Bitcoin, Ethereum, Bitcoin Cash, and Litecoin - directly through their PayPal accounts. launched a feature that allowed US customers to use their cryptocurrency holdings to pay at millions of online merchants globally.
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