One of the largest payments companies in the U.S. is doubling down on crypto amid an increasingly uncertain regulatory environment.
On Monday, PayPal launched PayPal USD, a U.S.-dollar-backed stablecoin backed by U.S. dollar deposits, short-term U.S. treasuries, and other cash equivalencies.
“The shift toward digital currencies requires a stable instrument that is both digitally native and easily connected to fiat currency like the U.S. dollar,” Dan Schulman, president and CEO of PayPal said in a statement.
Paxos, a white-label stablecoin maker that was previously under scrutiny form the Securities and Exchange Commission for its work with Binance, is the issuer of PayPal USD.
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