{"id":3348,"date":"2023-11-15T15:05:45","date_gmt":"2023-11-15T09:35:45","guid":{"rendered":"https:\/\/www.wikitechupdates.com\/?p=3348"},"modified":"2023-11-15T15:05:45","modified_gmt":"2023-11-15T09:35:45","slug":"paypal-launches-dollar-backed-cryptocurrency","status":"publish","type":"post","link":"https:\/\/www.wikitechupdates.com\/paypal-launches-dollar-backed-cryptocurrency\/","title":{"rendered":"PayPal launches dollar-backed cryptocurrency"},"content":{"rendered":"<div class=\"entradilla\">\n<p><span class=\"\">PayPal has taken a bold step forward into the future of digital payments with the launch of its own backed and regulated stablecoin, the PayPal USD (PYUSD).\u00a0<\/span>In an announcement that marks a milestone in the evolution of digital transactions, PayPal is driving the adoption of stablecoins as a trusted solution for financial operations in digital-native and web-based environments3.<\/p>\n<\/div>\n<div id=\"textoNoticia\" class=\"texto\">\n<p>PayPal USD, designed to harness the potential of stablecoins in the payments space, is\u00a0<strong>backed entirely by US dollar deposits<\/strong>\u00a0, short-term US Treasuries, and similar cash equivalents.\u00a0<strong>Each unit of PYUSD is redeemable for one US dollar<\/strong>\u00a0, ensuring a constant and reliable peg.\u00a0The issuance of this\u00a0stablecoin\u00a0is carried out by Paxos Trust Company.<\/p>\n<p>Starting today and in the coming weeks, eligible US PayPal customers will be able to access a number of features when purchasing PayPal USD, including the ability to\u00a0<strong>transfer PayPal USD between<\/strong>\u00a0PayPal accounts and compatible external wallets;\u00a0<strong>make payments<\/strong>\u00a0between people using PYUSD;\u00a0<strong>finance purchases<\/strong>\u00a0by selecting PayPal USD as a payment method in the purchase process;\u00a0<span class=\"\">and\u00a0<\/span><strong><span class=\"\">convert any of the cryptocurrencies<\/span><\/strong><span class=\"\">\u00a0supported by PayPal to PayPal USD and vice versa.<\/span><\/p>\n<p>&#8220;Our commitment to responsible innovation and regulatory compliance, coupled with our experience in delivering new experiences to our customers, lays the necessary foundation to contribute to the growth of digital payments through PayPal USD,&#8221; said Dan Schulman, president and CEO of\u00a0PayPal\u00a0.<\/p>\n<h2>THE PAYPAL USD PROPOSAL<\/h2>\n<p>PayPal USD acts as a\u00a0<strong>bridge between fiat currency and the\u00a0web3<\/strong>\u00a0, allowing a seamless connection between traditional currencies and cryptocurrencies.\u00a0<span class=\"\">Leveraging PayPal&#8217;s infrastructure and experience in payment processing, PayPal USD takes advantage of the speed, cost, and programmability of blockchain protocols.\u00a0<\/span>Additionally, being an ERC-20 token on the\u00a0<strong>Ethereum<\/strong><strong>\u00a0blockchain<\/strong>\u00a0, PayPal USD easily integrates into the growing community of developers, wallets, and web3 applications.<\/p>\n<p>PayPal USD&#8217;s value proposition focuses on\u00a0<strong>facilitating payments in virtual environments<\/strong>\u00a0, streamlining value transfers, supporting international remittances and payments,\u00a0<strong>enabling direct flows<\/strong>\u00a0to developers and creators, and\u00a0<strong>fostering the expansion of digital currencies<\/strong>\u00a0among the world&#8217;s leading brands. world.\u00a0While most stablecoins are used in specific web3 environments, <a href=\"https:\/\/en.wikipedia.org\/wiki\/PayPal\" target=\"_blank\" rel=\"noopener\">PayPal<\/a> USD has supported that ecosystem since launch and\u00a0<strong>will soon be available on Venmo<\/strong>\u00a0.<\/p>\n<p><iframe loading=\"lazy\" title=\"Introducing PayPal USD (PYUSD): PayPal&#039;s U.S. Dollar Stablecoin\" width=\"640\" height=\"360\" src=\"https:\/\/www.youtube.com\/embed\/avz4_Msc9aE?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" allowfullscreen><\/iframe><\/p>\n<p style=\"text-align: right;\"><em><strong>Also Read:<\/strong><\/em> <a href=\"https:\/\/www.wikitechupdates.com\/best-crypto-wallet-and-how-to-use\/\" target=\"_blank\" rel=\"noopener\">How to choose the best Crypto wallet and how to use the money<\/a><\/p>\n<h2 style=\"text-align: left;\">REGULATION AND TRANSPARENCY<\/h2>\n<p>Transparency and regulation are key issues for PayPal USD.\u00a0Issued by Paxos Trust Company, PayPal USD has\u00a0<strong>reserves backed<\/strong>\u00a0by deposits in US dollars, US Treasuries and cash equivalents.<\/p>\n<p><span class=\"\">Additionally, starting in September 2023, Paxos will publish monthly public reserve reports for PayPal USD, detailing the instruments that make up the reserves.\u00a0<\/span><strong>Additionally, a third-party public certification of the value of PayPal USD reserve assets<\/strong>\u00a0will be provided\u00a0, endorsed by an independent accounting firm and in accordance with the certification standards established by the <a href=\"https:\/\/en.wikipedia.org\/wiki\/American_Institute_of_Certified_Public_Accountants\" target=\"_blank\" rel=\"noopener\">American Institute of Certified Public Accountants<\/a> (AICPA).<\/p>\n<p>With a vision focused on education and understanding of\u00a0digital currencies\u00a0, PayPal also works closely with regulators and industry to\u00a0<strong>promote the responsible use of emerging technologies<\/strong>\u00a0.\u00a0In addition to PayPal USD, the platform offers the ability to buy, hold, sell and transfer select cryptocurrencies, along with\u00a0<strong>educational content<\/strong>\u00a0to help users understand the risks and possibilities associated with the technology.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>PayPal has taken a bold step forward into the future of digital payments with the<\/p>\n","protected":false},"author":1,"featured_media":3349,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_newsletter_tier_id":0,"footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[29],"tags":[14385,14381,14395,14390,14382,14406,14378,14388,14403,14399,14340,14351,14392,14355,14369,14361,14346,14367,14402,14398,14400,14358,14363,14374,14356,14348,14350,14377,14372,14380,14364,14342,14376,14371,14344,14373,14352,14360,14353,14365,14375,14357,14368,14393,14345,14391,14359,14401,14386,14404,14370,14354,14362,14343,14347,14366,14396,14349,14389,14341,14387,14394,14379,14405,14383,14397,14384],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/www.wikitechupdates.com\/wp-content\/uploads\/2023\/11\/PayPal-launches-dollar-backed-cryptocurrency.png?fit=1280%2C714&ssl=1","jetpack_sharing_enabled":true,"jetpack_likes_enabled":true,"jetpack-related-posts":[{"id":2532,"url":"https:\/\/www.wikitechupdates.com\/best-cryptocurrency-subreddits-to-engage-in-2022\/","url_meta":{"origin":3348,"position":0},"title":"Best cryptocurrency subreddits to engage in 2022","author":"Admin","date":"21 March 2022","format":false,"excerpt":"With cryptocurrency rising to popularity with the advent of every new innovation, nothing has escaped this value of crypto in the present world. Whenever it concerns the coinage\u00a0space, there has been much speaking\u00a0and seen. Along with\u00a0these reasons, virtual currency subs\u00a0is a word that\u00a0has been circulating for a long\u00a0period. Subs are\u2026","rel":"","context":"In &quot;General&quot;","block_context":{"text":"General","link":"https:\/\/www.wikitechupdates.com\/category\/general\/"},"img":{"alt_text":"Best cryptocurrency subreddits to engage","src":"https:\/\/i0.wp.com\/www.wikitechupdates.com\/wp-content\/uploads\/2022\/03\/Best-cryptocurrency-subreddits-to-engage.jpg?fit=1200%2C553&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.wikitechupdates.com\/wp-content\/uploads\/2022\/03\/Best-cryptocurrency-subreddits-to-engage.jpg?fit=1200%2C553&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.wikitechupdates.com\/wp-content\/uploads\/2022\/03\/Best-cryptocurrency-subreddits-to-engage.jpg?fit=1200%2C553&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.wikitechupdates.com\/wp-content\/uploads\/2022\/03\/Best-cryptocurrency-subreddits-to-engage.jpg?fit=1200%2C553&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/www.wikitechupdates.com\/wp-content\/uploads\/2022\/03\/Best-cryptocurrency-subreddits-to-engage.jpg?fit=1200%2C553&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":2235,"url":"https:\/\/www.wikitechupdates.com\/best-crypto-wallet-and-how-to-use\/","url_meta":{"origin":3348,"position":1},"title":"How to choose the best Crypto wallet and how to use the money","author":"Admin","date":"10 August 2021","format":false,"excerpt":"Cryptocurrency, the wave of the future, has enticed many. Investors are hoping to cash in on the increasing value of cryptocurrency, and business owners hope to accept and use cryptocurrency for transactions. The upward trend surrounding cryptocurrency is not going away, so anyone who has even the slightest interest in\u2026","rel":"","context":"In &quot;Business&quot;","block_context":{"text":"Business","link":"https:\/\/www.wikitechupdates.com\/category\/business\/"},"img":{"alt_text":"How to choose the best crypto wallet and how to use the money","src":"https:\/\/i0.wp.com\/www.wikitechupdates.com\/wp-content\/uploads\/2021\/08\/How-to-choose-the-best-crypto-wallet-and-how-to-use-the-money.jpg?fit=1200%2C974&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.wikitechupdates.com\/wp-content\/uploads\/2021\/08\/How-to-choose-the-best-crypto-wallet-and-how-to-use-the-money.jpg?fit=1200%2C974&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.wikitechupdates.com\/wp-content\/uploads\/2021\/08\/How-to-choose-the-best-crypto-wallet-and-how-to-use-the-money.jpg?fit=1200%2C974&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.wikitechupdates.com\/wp-content\/uploads\/2021\/08\/How-to-choose-the-best-crypto-wallet-and-how-to-use-the-money.jpg?fit=1200%2C974&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/www.wikitechupdates.com\/wp-content\/uploads\/2021\/08\/How-to-choose-the-best-crypto-wallet-and-how-to-use-the-money.jpg?fit=1200%2C974&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":2490,"url":"https:\/\/www.wikitechupdates.com\/fiat-currencies-for-trading-bitcoins\/","url_meta":{"origin":3348,"position":2},"title":"The most-traded fiat currencies for trading Bitcoins","author":"Admin","date":"14 February 2022","format":false,"excerpt":"Bitcoins had been introduced to the world in 2009 as the currency of the future and as an alternative to the fiat money that has been in use for ages. Fiat money is the legal tender issued by a government decree or simply the currency that is used for all\u2026","rel":"","context":"In &quot;Marketing&quot;","block_context":{"text":"Marketing","link":"https:\/\/www.wikitechupdates.com\/category\/marketing\/"},"img":{"alt_text":"The most-traded fiat currencies for trading Bitcoins","src":"https:\/\/i0.wp.com\/www.wikitechupdates.com\/wp-content\/uploads\/2022\/02\/How-to-Find-it-1536x966-1.jpg?fit=1200%2C755&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.wikitechupdates.com\/wp-content\/uploads\/2022\/02\/How-to-Find-it-1536x966-1.jpg?fit=1200%2C755&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.wikitechupdates.com\/wp-content\/uploads\/2022\/02\/How-to-Find-it-1536x966-1.jpg?fit=1200%2C755&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.wikitechupdates.com\/wp-content\/uploads\/2022\/02\/How-to-Find-it-1536x966-1.jpg?fit=1200%2C755&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/www.wikitechupdates.com\/wp-content\/uploads\/2022\/02\/How-to-Find-it-1536x966-1.jpg?fit=1200%2C755&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":2425,"url":"https:\/\/www.wikitechupdates.com\/crypto-millions-lotto-unveil-online-lottery-games\/","url_meta":{"origin":3348,"position":3},"title":"Crypto Millions Lotto unveils four brand new online lottery games","author":"Admin","date":"3 February 2022","format":false,"excerpt":"Crypto Millions Lotto is licensed by the Government of Curacoa and it is the largest digital lottery in the world. The operator offers its services in more than 180 countries,including India, Brazil, Russia, Japan, and Korea, allowing players to gain various lottery online gambling options. The company has recently announced\u2026","rel":"","context":"In &quot;Business&quot;","block_context":{"text":"Business","link":"https:\/\/www.wikitechupdates.com\/category\/business\/"},"img":{"alt_text":"crypto online lottery games","src":"https:\/\/i0.wp.com\/www.wikitechupdates.com\/wp-content\/uploads\/2022\/01\/online-lottery-games.jpg?fit=1200%2C571&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.wikitechupdates.com\/wp-content\/uploads\/2022\/01\/online-lottery-games.jpg?fit=1200%2C571&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.wikitechupdates.com\/wp-content\/uploads\/2022\/01\/online-lottery-games.jpg?fit=1200%2C571&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.wikitechupdates.com\/wp-content\/uploads\/2022\/01\/online-lottery-games.jpg?fit=1200%2C571&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/www.wikitechupdates.com\/wp-content\/uploads\/2022\/01\/online-lottery-games.jpg?fit=1200%2C571&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":2140,"url":"https:\/\/www.wikitechupdates.com\/what-is-pkt-cash-is-cryptocurrency-really-the-future\/","url_meta":{"origin":3348,"position":4},"title":"What Is PKT Cash &#038; Is Cryptocurrency Really The Future?","author":"Admin","date":"3 June 2021","format":false,"excerpt":"You have probably been hearing a lot about cryptocurrencies recently. Ever since these emerged for the first time, they\u2019ve been grabbing huge amounts of attention. Some people are rather thrilled with the way cryptocurrencies seem to be changing certain aspects of the world, while others are not quite convinced in\u2026","rel":"","context":"In &quot;General&quot;","block_context":{"text":"General","link":"https:\/\/www.wikitechupdates.com\/category\/general\/"},"img":{"alt_text":"What Is PKT Cash","src":"https:\/\/i0.wp.com\/www.wikitechupdates.com\/wp-content\/uploads\/2021\/06\/What-Is-PKT-Cash.jpg?fit=1035%2C666&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.wikitechupdates.com\/wp-content\/uploads\/2021\/06\/What-Is-PKT-Cash.jpg?fit=1035%2C666&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.wikitechupdates.com\/wp-content\/uploads\/2021\/06\/What-Is-PKT-Cash.jpg?fit=1035%2C666&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.wikitechupdates.com\/wp-content\/uploads\/2021\/06\/What-Is-PKT-Cash.jpg?fit=1035%2C666&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":3356,"url":"https:\/\/www.wikitechupdates.com\/ethereum-in-the-charity-and-non-profit\/","url_meta":{"origin":3348,"position":5},"title":"The Use of Ethereum in the Charity and Non-Profit Space","author":"Admin","date":"21 November 2023","format":false,"excerpt":"Charities and non-profit organizations have been an essential part of society for centuries. 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