Why did PayPal launch a dollar stablecoin?

Payments firm PayPal on Monday launched a U.S. dollar stablecoin in a bid to boost the adoption of digital currencies for payments and transfers. Payments firm PayPal on Monday launched a U.S. dollar stablecoin in a bid to boost the adoption of digital currencies for payments and transfers.

What are stablecoins & how do they work?

Stablecoins — crypto tokens that are pegged to an asset like the dollar — have been around for almost a decade, but they’re mostly used by traders to move digital assets between exchanges and have made limited inroads into consumer payments.

Can regulated stablecoins transform payments in Web3 and digitally native environments?

SAN JOSE, Calif., Aug. 7, 2023 / PRNewswire / -- Fully-backed, regulated stablecoins have the potential to transform payments in web3 and digitally native environments. To address that emerging potential, PayPal (NASDAQ: PYPL) today announced the launch of a U.S. dollar-denominated stablecoin, PayPal USD (PYUSD).

How much is a stablecoin worth?

There’s roughly $126 billion worth of stablecoins in circulation, according to CoinGecko, the biggest by far being Tether Holdings Ltd. ’s USDT. Some have been controversial: A high-profile attempt by Meta Inc. unraveled last year after an intense regulatory backlash.