PayPal Launches U.S. Dollar Stablecoin PYUSD on Ethereum Blockchain

[Tsing]

PayPal has introduced a U.S. dollar-denominated stablecoin called PayPal USD on the Ethereum blockchain. This new ERC-20 token, which is abbreviated PYUSD, is fully backed by U.S. dollar deposits, short-term U.S. treasuries, and similar cash equivalents, helping to ensure its stability. PYUSD can be redeemed 1:1 for U.S. dollars and is issued by Paxos, a trust company that specializes in blockchain.

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[Uvilla]

If its so backed, what's the point? Well , we know the point.

 

[Zarathustra]

lol, why?

 

[Grimlakin]

So the criminals that only take Bitcoin or cryptocurrency can be properly tracked once paid and persecuted by the authorities that may be interested would be my guess.

 

[Zarathustra]

So the criminals that only take Bitcoin or cryptocurrency can be properly tracked once paid and persecuted by the authorities that may be interested would be my guess.

...but it's not like Bitcoin or Ethereum aren't traceable as it is today...

 

[hubaduba]

Be careful. These "stablecoins" are only as strong as their anchor.