When did PayPal launch Pyusd?

The stablecoin is denominated in U.S. dollars, ensuring that its value remains anchored to a widely accepted and stable currency. This feature addresses concerns related to volatility, a common challenge in the cryptocurrency space.

PayPal, the global payments giant, made a significant announcement in August 2023 with the introduction of PayPal USD (PYUSD), a novel stablecoin tailored for seamless payment transactions. PYUSD's primary objective is to facilitate financial transactions while maintaining stability and trustworthiness.

Among the leading cryptocurrency exchanges, BTCC offers a comprehensive suite of services that cater to the diverse needs of investors and traders. BTCC's offerings include spot trading, enabling users to buy and sell cryptocurrencies at current market prices. Additionally, the platform provides access to futures trading, allowing traders to speculate on the future price movements of various digital assets.

PYUSD boasts a robust backing mechanism, with each unit fully supported by U.S. dollar deposits. This arrangement guarantees that the stablecoin's value is directly proportional to the dollar's, eliminating the risk of devaluation.

In addition to dollar deposits, PYUSD is also backed by short-term U.S. Treasuries and similar cash equivalents. This diversification of reserves further strengthens the stablecoin's foundation, making it a reliable and secure digital asset.