Paxos Trust is developing other stablecoin projects similar to PYUSD.

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Paxos Trust is developing other stablecoin projects similar to PYUSD.

2023-08-08 15:02

Odaily News - Walter Hessert, the strategic director of stablecoin issuer Paxos, stated that Paxos Trust, a cryptocurrency infrastructure provider, is developing other stablecoin projects, similar to PayPal's stablecoin PYUSD. When asked if Paxos had previously discussed developing stablecoins for its platform with Elon Musk and X (former Twitter), Hessert did not directly answer the question but indicated that more projects are in progress. (CoinDesk) Yesterday, PayPal announced the launch of PayPal USD (PYUSD), a stablecoin for transfers and payments. The stablecoin is issued by Paxos Trust Co. and backed by the U.S. dollar, short-term government bonds, and cash equivalents. PYUSD will gradually be made available to PayPal customers in the United States. Starting today and over the next few weeks, eligible PayPal customers in the U.S. will be able to transfer PYUSD between PayPal and compatible external wallets, make peer-to-peer payments using PYUSD, choose to use PYUSD at checkout, and exchange any supported cryptocurrency by PayPal for PYUSD.

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