Summary
TLDR: PayPal customers in the U.S. can now use its stablecoin to fund international payments via its Xoom platform. The stablecoin, PYUSD, is a dollar-pegged virtual token running on Ethereum. PayPal aims to drive mainstream adoption of cryptocurrencies and provide a stable value for users. While smaller than other stablecoins like USDT, PYUSD has a market cap of $109 million. PayPal also allows users to buy and sell cryptocurrencies and transfer them to external wallets.
Key Points
1. PayPal customers in the U.S. can now use its stablecoin to fund international payments via its Xoom payment platform.
2. PayPal’s PYUSD is a virtual token running on Ethereum and is a dollar-pegged stablecoin backed by cash equivalents and short-term treasuries.
3. PayPal’s SVP of the blockchain, cryptocurrency, and digital currency group, Jose Fernandez da Ponte, mentioned that the move builds on their goal of driving mainstream adoption of cryptocurrencies.