Payment giant PayPal has unveiled its latest innovation, the PayPal USD (PYUSD) stablecoin. This digital currency is pegged to the US dollar and supported by cash equivalents and short-term treasuries.
Transforming Payments with Cutting-Edge Tech
The mastermind behind the PayPal PYUSD stablecoin is CEO Dan Schulman, who aims to revolutionize the world of payments. His vision includes leveraging advanced technology to facilitate instant and cost-effective transfers without relying on a central intermediary.
Schulman envisions PYUSD as a pivotal element of the payments infrastructure, offering users a financial experience defined by speed, affordability, and accessibility. The team behind PYUSD has ensured its constant redeemability for US dollars. Yet, this stablecoin doesn’t stop at its US dollar peg; it also serves as a gateway to a variety of other cryptocurrencies within PayPal’s expansive network.
A Journey into Cryptocurrencies
PayPal’s foray into cryptocurrencies began in October 2020 when it signaled its openness to the digital asset realm. The company introduced a feature enabling users to buy, sell, and store Bitcoin, Ethereum, Bitcoin Cash, and Litecoin. In June 2022, PayPal expanded its offerings by allowing cryptocurrency transfers to external wallets.
How to buy $PYUSD on PayPal?
The global availability of purchasing PYUSD remains uncertain. While the PayPal app spans over 200 countries and supports 25 currencies, PYUSD is currently accessible only to select US customers. However, this stablecoin can be converted to USD and other cryptocurrencies supported by PayPal.
To acquire $PYUSD, interested individuals must first have a PayPal account. They can then obtain the stablecoin by converting their balance or depositing funds, which they can subsequently convert into PYUSD. Currency conversion involves navigating to the wallet, clicking “More” beside the desired currency, and selecting “Convert currency.”
It’s important to note that while PayPal does impose fees for international transactions, the potential charges associated with PYUSD are not yet clear. Currency conversion carries a fee of approximately 3% to 4% of the transaction value. For precise PYUSD fee and rate information, users are advised to visit PayPal’s official site or seek support.
