How does the PayPal stablecoin work?
PayPal customers in the United States will be able to purchase PayPal USD and enjoy several features, such as:
- Transfer PayPal USD between PayPal accounts and supported external wallets.
- Make person-to-person payments using PYUSD.
- Finance purchases by selecting PayPal USD as the payment method when making purchases.
- Convert between any of the cryptocurrencies supported by PayPal and PayPal USD.
The PayPal USD stablecoin has been created to lower barriers to payments in virtual environments, facilitate rapid transfers of value, support international remittances or payments, enable direct flows to developers and creators, and encourage the continued expansion of digital assets by part of the biggest brands in the world. Its compatibility with web3 environments makes it ideal for the cryptocurrency and blockchain community since its launch.
Who can buy PYUSD?
The PayPal USD (PYUSD) cryptocurrency will be available to both consumers and merchants and developers. As the only supported stablecoin within PayPal’s network, PYUSD leverages PayPal’s decades of experience in large-scale payments and combines the speed, cost, and programmability of blockchain protocols. As an ERC-20 token issued on the Ethereum blockchain, it will be available to a broad community of third-party developers, wallets and web applications3, as well as being easily adopted by exchanges and used in the PayPal ecosystem.
The launch of PayPal USD is designed to reduce friction in payments in virtual environments, facilitate quick transfers of value, support friends and family, make international remittances or payments, and enable direct flows to developers and creators. The stablecoin will be available on Venmo and has been built to be compatible with the web3 ecosystem from day one.