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PayPal bullish on crypto, launches dollar-backed stablecoin

PayPal on Monday announced the launch of its own U.S.-dollar backed stablecoin, dubbed PayPal USD (PYUSD), which the financial technology giant says can be used for payments and transfers on its platform. The new cryptocurrency is issued by Paxos Trust Company and is fully backed by U.S. dollar deposits, short-term U.S. treasuries and similar and can be redeemed 1:1 for U.S. dollars, the company said. PayPal said starting today with a rollout that will go on for weeks, U.S. PayPal customers who purchase PayPal USD will be able to transfer its new currency between its platform and compatible external wallets, send person-to-person transactions using PYUSD.

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