Key Takeaways
- Crypto.com adds PayPal USD (PYUSD), with trading options coming soon.
- PayPal (PYUSD) is a stablecoin, backed by U.S. dollar deposits and short-term U.S. treasuries, redeemable 1:1 for U.S. dollars.
- Stablecoins, like PYUSD, are seen as bridging the gap between fiat and cryptocurrencies, potentially representing the future of digital currency.
We bring you another scoop on the recent development of all things good in the crypto community. Crypto.com has announced that users can now deposit PayPal USD (PYUSD) on the Crypto.com application. The option of trading is soon to be launched as well.
Joining the List
As much as this is excellent news for PYUSD, it is also a big score for Crypto.com, which has added a new token to its growing list of 250+ cryptocurrencies and stablecoins. PYUSD is now in line to join imminent cryptocurrencies like Bitcoin (BTC), Polkadot (DOT), USD Coin (USDC), and Ether (ETH), to name a few!
About PayPal (PYUSD)
Following its addition to Huobi, PYUSD has been making waves in the crypto world! It’s high time now that we take a deeper look at what the hype is about. Well, for starters, PayPal (PYUSD) is a stablecoin that is fully backed by U.S. dollar deposits along with short-term U.S. treasuries. Moreover, its value is similar to cash equivalents. What adds zest to this stablecoin is the fact that it can be redeemed 1:1 for U.S. dollars.
In terms of origin, PayPal (PYUSD) is an ERC-20 token that has been issued by Paxos Trust Company on Ethereum Blockchain. As a stablecoin, this token is expected to provide inclusion and broader access to the financial systems for users worldwide. It is also likely to allow for faster and more efficient monetary movement. PYUSD has been designed to have a steady value over time in relation to the U.S. dollar. The token is programmable as well, thereby allowing developers a functional digital currency that can be integrated into public blockchains. Remember, it is expected to serve as a link between the traditional economy and Web3.
Future of Stablecoins
Due to their stable nature, stablecoins are becoming a standard of security in terms of holding value. These cryptocurrencies are expected to bridge the gap between traditional fiat currencies and cryptocurrencies while providing the best of both worlds. With PayPal (PYUSD) in line now, the future might as well diverge towards stablecoins, but we have yet to make any promises (yet!). May the best coin win!
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