The move, which comes as PayPal transitions to a new CEO announced last week, seems risky after Facebook s stablecoin was crushed by political opposition, and as regulators home in on the crypto sector following several meltdowns.
PayPal this month said it was launching PayPal USD, a crypto token pegged to the U.S. dollar, making it the second major global company to launch a stablecoin after Facebook, now Meta Platforms, unveiled Libra in June 2019.
The stablecoin is developed on Ethereum (ERC-20) and will be issued by Paxos Trust Co. PYUSD is reportedly fully backed by U.S. dollar deposits, short-term…
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