PayPal is set to launch a USD stablecoin called PYUSD.

According to an official announcement by BlockBeats on August 7th, PayPal will launch a USD stablecoin called PayPal USD (PYUSD) for transfers and payments. The stablecoin is issued by Paxos and backed by US dollars, short-term government bonds, and cash equivalents, and will gradually be made available to PayPal customers in the US. Qualified US PayPal users who purchase PYUSD will be able to: 1. Transfer PYUSD between PayPal and compatible external wallets 2. Send peer-to-peer payments using PYUSD 3. Choose to use PYUSD at checkout 4. Exchange any cryptocurrency supported by PayPal for PYUSD Starting in September 2023, Paxos will release a monthly public reserve report for PYUSD, outlining the tools that make up the reserve. Paxos will also provide third-party proof of the value of the PYUSD reserve assets. The certification will be provided by an independent third-party accounting firm and will be conducted in accordance with the auditing standards established by the American Institute of Certified Public Accountants (AICPA).