PayPal’s PYUSD stablecoin hits $1B market cap
PYUSD is competing with rivals such as Circle’s USDC and Tether’s USDT.
PayPal’s US dollar-pegged stablecoin, PayPal USD, has surpassed $1 billion in total market capitalization, according to data from CoinMarketCap.
Launched in 2023, PayPal USD (PYUSD) is backed 1:1 by US dollars and is issued by Paxos Trust Company, a US-regulated crypto custodian. It competes with other regulated, dollar-backed stablecoins such as Circle Internet Financial’s USD Coin (USDC).
“The shift toward digital currencies requires a stable instrument that is both digitally native and easily connected to fiat currency like the US dollar,” said Dan Schulman, PayPal’s president and CEO, in a 2023 statement.
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Author: Alex O’Donnell
