PayPal has launched a new stablecoin called PayPal USD (PYUSD) as part of its crypto services, CNBC reports.
The stablecoin, issued by Paxos, is backed by US dollar deposits and short-term US Treasuries, and is redeemable for US dollars.
The new asset aims to simplify payments in digital environments and enhance direct flows to developers.
This move marks the first time a major financial institution has embraced digital currencies.