PayPal Launched Stablecoin | Crypto Daily Digest Aug. 8

TI Research

Paypal has more than 435 million accounts, it has potential to bring more crypto adoption. However, the token is launched only on Ethereum mainnet, the high gas cost could be a problem

Digital payment giant PayPal launched its own U.S. dollar stablecoin that will allow users to “buy, sell, hold, and transfer” the token on its platform. The launch of $PYUSD could be a major boon for the adoption of stablecoins in the U.S. because of the high-profile and wide reach of Paypal, which services more than 435mn accounts worldwide.

The stablecoin is an ERC-20 token issued on the Ethereum blockchain, something that could make transactions costly because of the high gas fees on the mainnet.

PayPal has been active in crypto for some time and allows customers to hold cryptocurrencies such as bitcoin, bitcoin cash, ether and litecoin. In this year’s first-quarter earnings, the company revealed it was safekeeping nearly $1 billion in crypto for its customers.

Since last year, users have been able to transfer crypto between PayPal and other wallets.

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