Pyusd Launch 2023 event

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Overview

PayPal launched PayPal USD (PYUSD) on August 7, 2023, becoming the first major U.S. consumer payments company to issue its own dollar stablecoin. The token is issued by Paxos Trust Company, a New York-chartered limited purpose trust company regulated by the New York State Department of Financial Services, and launched as an ERC-20 token on Ethereum. PayPal said PYUSD is fully backed by U.S. dollar deposits, short-term U.S. Treasuries and similar cash equivalents, and is redeemable 1:1 for dollars. It was positioned for payments, peer-to-peer transfers, and payouts to developers and creators.

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Frequently asked questions

When did PayPal launch PYUSD and who issues it?

PayPal announced PYUSD on August 7, 2023. It is issued by Paxos Trust Company, which is regulated by the New York State Department of Financial Services.

What backs PYUSD?

PayPal states it is 100% backed by U.S. dollar deposits, short-term U.S. Treasuries and similar cash equivalents, and is redeemable 1:1 for U.S. dollars.

Which blockchain did PYUSD launch on?

It launched as an ERC-20 token on Ethereum.