Global digital payments giant PayPal Holdings Inc. is stepping into the stablecoin market.
The fintech behemoth, which was founded more than 25 years ago, is set to become the first major financial institution to launch its own US dollar-backed stablecoin, which will be called PayPal USD (PYUSD).
The stablecoin is going to be issued by Paxos Trust Co. and will be fully backed by US dollar bank deposits and other liquid equivalents, such as short-term treasuries….
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