San Jose, California Tuesday, August 8 PayPal announced that it would be expanding the availability of PayPal Coin to all of its 426 million active users in the United States, the United Kingdom, Canada, Australia, and Japan on Tuesday.
PayPal Coin was launched on March 8, 2023, in the United States and the United Kingdom.
PayPal Coin could help the payments giant attract more users and compete with rivals like Block Inc’s Cash App.
The stablecoin, PayPal USD, is fully backed by the US dollar and is designed to reduce friction for payments within virtual spaces and provide faster, cheaper transfers of money across borders, a report filed by CNN said.
PayPal Coin was launched on March 8, 2023. The company said it would be available to its 426 million active users in the United States and the United Kingdom.
“For now, the use case for the new token appears limited to crypto-related and other Web3 applications. But PayPal is betting on a future in which digital currency is more mainstream and merchants may request payment in stablecoins to avoid credit card processing fees. Similarly, crypto holders can send money instantly across borders without incurring remittance fees charged by banks.1
PayPal Coin can be used to buy and sell goods and services on PayPal’s platform, as well as to send and receive money. The company said it plans to make PayPal Coin available to its 426 million active users in the coming months.
The launch of PayPal Coin boosted PayPal’s shares, which rose 4% in after-hours trading.
PayPal announced its plans to launch a stablecoin in October 2022. The company said it would be called PayPal Coin and that it would be backed by the U.S. dollar. PayPal said it would make PayPal Coin available to its 426 million active users in the coming months.
In November 2022, PayPal announced that it would be partnering with Paxos to create PayPal Coin. Paxos is a blockchain technology company that specializes in stablecoins.
The launch of PayPal Coin was a major event in the cryptocurrency world. It was the first time that a major payments company had launched its own stablecoin. The launch of PayPal Coin boosted PayPal’s shares, which rose 4% in after-hours trading.
“PayPal’s entrance into the stablecoin space also raises regulatory considerations. Despite regulations in the European Union and other regions, concerns over stablecoins’ systemic influence continue. The U.S. lawmakers strive to create a stablecoin regulatory structure, and PayPal’s PYUSD introduction will undoubtedly engage regulators, including the Federal Reserve and the Securities and Exchange Commission,” a report by Forbes India said.2
- Edition: https://edition.cnn.com/2023/08/07/business/paypal-crypto-stablecoin/index.html[↩]
- Forbedindia:https://www.forbesindia.com/article/cryptocurrency/paypal-to-release-ethereumbased-stablecoin-linked-to-us-dollar/87385/1[↩]
