PayPal’s PYUSD Stablecoin Hits $1B Market Cap (Cointelegraph)
“PayPal’s US dollar-pegged stablecoin, PayPal USD, has surpassed $1 billion in total market capitalization, according to data from CoinMarketCap.
PYUSD is competing with rivals such as Circle’s USDC and Tether’s USDT.
Launched in 2023, PayPal USD PYUSD is backed 1:1 by US dollars and is issued by Paxos Trust Company, a US-regulated crypto custodian. It competes with other regulated, dollar-backed stablecoins such as Circle Internet Financial’s USD Coin USDC.
‘The shift toward digital currencies requires a stable instrument that is both digitally native and easily connected to fiat currency like the US dollar,’ said Dan Schulman, PayPal’s president and CEO, in a 2023 statement.” (Cointelegraph)
