The global payment giant, PayPal unveil it will launch its own U.S. Dollar stablecoin, PayPal USD (PYUSD), issued by Paxos Trust Co. Backed by U.S. dollar deposits, short-term Treasury bills, and cash equivalents. PYUSD will gradually become available to PayPal's U.S.-based customers and it will be rolling out in the next few weeks.
According to the official press release stating that Pay Pal USD will be issued on Ethereum as the only stable supported within the Pay Pal network, which will allow users to transfer PayPal USD between PayPal and compatible external wallets and convert any of PayPal's supported cryptocurrencies to and from PayPal USD.
As the announcement went viral, The CEO of TRON Network, Justin Sun went to his X handle formally known as Twitter to invite PayPal on the Tron network. In his reach-out, Justin said.
"I cordially invite PayPal to consider issuing PYUSD on TRON, which is fast, secure, and cost-effective with 12 billion USD daily transactions. Mutual benefits await in the digital payment landscape. Let's collaborate for a thriving ecosystem!."
BUSD, launched by Paxos for Binance previously was halted by New York state regulators in February and designated as security by the SEC in June. PayPal had delayed PYUSD due to regulatory disputes over Paxos before, according to BBG.
Paolo Ardiono the Chief Technology Officer (CTO) at Bitfinex and Tether gives his opinion on the PayPal announcement said "The launch of PayPal Stablecoin does not impact Tether as the firm doesn't serve U.S. users. Tether instead focuses on emerging markets and developing countries. We don't expect any impact on USDT and it would be positive for the crypto industry in general. It's interesting another stablecoin in the U.S. It could lead to the erosion of revenues for payments that have been mainly fueling Mastercard and Visa. It will also help the industry to grow further and push for sensible regulations".
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