On Monday August, 7 PayPal introduced PayPal USD (PYUSD) and became the first big company to enter the Cryptocurrency market with their own dollar pegged stable coin called PYUSD PayPal USD.
Today, we’re unveiling a new stablecoin, PayPal USD (PYUSD). It’s designed for payments and is backed by highly liquid and secure assets. Starting today and rolling out in the next few weeks, you’ll be able to buy, sell, hold and transfer PYUSD. Learn more https://t.co/53RRBhmNHx pic.twitter.com/53ur2KmjU7
— PayPal (@PayPal) August 7, 2023
Payment merchant firm PayPal said the stablecoin will be available to an "already large and growing community of external developers, wallets and web3 applications," and can be easily adopted by crypto exchanges. PayPal also added that this new stable coin will start today (7/8/2023) for the user from the USA and will roll up to other countries in the next coming weeks.
When was PayPal USD PYUSD launched?
According to their official Twitter account they said this and I hereby quote "Today, we’re unveiling a new stablecoin, PayPal USD (PYUSD). It’s designed for payments and is backed by highly liquid and secure assets. Starting today and rolling out in the next few weeks, you’ll be able to buy, sell, hold and transfer PYUSD. Learn more paypal.com/pyusd "
How much PayPal USD to Yen?
What is the PayPal USD-JPY exchange rate today? The live PayPal exchange rate for USD to JPY is 135.07173.What are the features of PayPal USD?
PayPal stablecoin PYUSD have the following features;
1. Backed by reserves
PayPal USD is designed to maintain a stable $1 USD value. It’s backed by dollar deposits, US treasuries, and cash equivalents.
2. Designed for Payment
Introducing the new cryptocurrency, PayPal USD (PYUSD).1 It’s a stablecoin backed by secure and highly liquid assets. As PYUSD rolls out, you’ll be able to buy, sell, hold, and transfer it within Paypal App3. Easy in, easy out
Buy, sell, hold, and transfer PayPal USD in our app or on our site.2 Send it to friends in the US on PayPal without fees. Or send to Ethereum wallet addresses that accept PYUSD in just a few steps. Network fees may apply.
4. Checkout
You can Check out with crypto and Paypal sell your PayPal USD so you can pay for your items. You can also use Paypal convert feature to buy the other cryptos they support for rxample Ethereum, BITCOIN, Litecoin LTC etcWhat you can do with Paypal USD (PYUSD)?
With Paypal USD, you can do the following as mentioned below;
Buy and Sell feature
With PayPal USD you can buy and sell any coin within PayPal App without any problem. But you need to remember that fees maybe applied
PayPal USD Convert (Conversion)
Use the Paypal USD convert feature to buy the other cryptos Paypal support. This is one of the awesome feature that help Paypal user to convert one currency to another currency within Paypal app quick and fast.
Send and Receive feature
Send PayPal USD to friends in the US on PayPal without fees. Plus, you can transfer to Ethereum wallet addresses that accept PYUSD in just a few steps
Other features include,
Another feature to enjoy with a newly announced Paypal USD is the feature to pay, that means with PYUSD users can check out with crypto at millions of online stores. We’ll sell your PayPal USD so you can pay for your items.
Read also: How I Made $100 every day while Sleeping
Read also this;
Earn free Airtime through survey App
Is Paypal USD PYUSD Worth It
In my opinion, PayPal said that we can now send PayPal USD to friends in the US without fees and we can transfer or withdraw PYUSD PayPal USD through the Ethereum ERC20 wallet address I think it's very bad because Ethereum had got high fees when it comes to transferring fund by using Ethereum wallets address.
CONCLUSION
All in All decision of PayPal to enter into the Cryptocurrency market is a big milestone and a big win for the crypto and web3 industry. We expect more to come in this industry. I believe PayPal, one of the big companies to enter the cryptocurrency market by introducing its first stablecoin called PYUSD PayPal USD it paved the way for other big players to continue embracing Blockchain technology and we expect more big companies to follow the way.