PayPal launches its own stablecoin, called PYUSD. Crazy! 🚀
Stablecoins are cryptocurrencies that are pegged to a fiat currency, like the US dollar. This means that they're always worth $1, which makes them a lot more stable than other cryptocurrencies, like Bitcoin.
PayPal is already letting users buy, sell, and hold cryptocurrencies on its platform. But with #PYUSD, they're taking things to the next level. Now, users can use PYUSD to make payments, send money to friends, and even convert it to other cryptocurrencies.
This is a huge move for #PayPal, and it strongly suggests that they're serious about getting into the crypto game. It's also a big win for #crypto users because it makes it easier to use crypto in everyday transactions. So what does all this mean? It means that PayPal is making crypto more accessible to the #mainstream. And that's a big deal because it could help to legitimize crypto and make it more widely accepted.
Of course, there are still some risks associated with crypto. But PayPal's move is a sign that the #crypto industry is maturing, and that it's becoming more mainstream. So if you're thinking about getting into crypto, now might be the time, YES, YES! 😇
The stablecoin is issued by Paxos Trust Company, a regulated financial institution, the stable coin is fully backed by US dollar deposits, short-term US treasuries, and similar cash equivalents.
Features: ✅ It's designed to maintain a value of exactly $1. ✅ It can be bought, sold, and held on PayPal's platform. ✅ It can be used to make payments, send money to friends, and convert it to other cryptocurrencies. ✅ Sorry, Asia, Africa, Europe: it´s now only available in the US, hope they offer it worldwide soon! This is a big step towards mass adoption of cryptos. Are you feeling it? 🥳 Cool move by Paypal team of CEO Dan Schulman, Mayrén Martínez Hoffman, Robert Czapla-Schermann, Peggy Marie Alford, Archie Deskus, Bill Ready, Jennifer Tejada, Alfonso Villanueva, Franz Paasche, Jonathan Auerbach, and Gabrielle Scheibe Rabinovitch
and #Paxos CEO Charles Cascarilla and his strong female team with head of growth Anoushka Rayner, Lauren Miller, Carolina Ceballos, Melisa Ortes Gonzalez, Mathilde David, Carrie Meneo, Karla Martinez, Marina Bunin, Juliana Schlesinger Felippe, Rynel L., Louise Cheung, CAMS, Elizabeth Smith, Elena Ermolov
Also maybe interesting to you: Bluechip, a new stable coin rating agency, has been founded by Benjamin Levit, economist Garett Jones and Vaidya Pallasena ➡️ www.bluechip.org The rating agency provides an excellent overview of trusted stable coins. Surprisingly but well justified, the very popular stablecoin #Tether ranks very low, whereas Binance US ERC-20 stable coin (BUSD) is ranked number one!