PayPal Stablecoin News is a Paxos White Label Branding Play
A PayPal-branded USD stablecoin by Paxos has been announced today and will be rolled out to U.S. customers in the coming weeks.
- "PayPal USD is designed to contribute to the opportunity stablecoins offer for payments and is 100% backed by U.S. dollar deposits, short-term U.S Treasuries and similar cash equivalents. PayPal USD is redeemable 1:1 for U.S. dollars and is issued by Paxos Trust Company," states the press release.
"As an ERC-20 token issued on the Ethereum blockchain, PayPal USD will be available to an already large and growing community of external developers, wallets and web3 applications, can be easily adopted by exchanges, and will be deployed to power experiences within the PayPal ecosystem."
- "Beginning in September 2023, Paxos will publish a public monthly Reserve Report for PayPal USD that outlines the instruments composing the reserves. Paxos will also publish a public third-party attestation of the value of PayPal USD reserve assets."
- PYUSD will be first available on PayPal U.S. and then on its Venmo app.
- Paxos Trust Company provides multiple whitelabel solutions for all sorts of brands getting into "crypto" and has been working with PayPal since 2020. Paxos is also the company behind Binance-branded Binance USD (BUSD) stablecoin.
After reading, looks like PayPal isn't launching a stablecoin, Paxos is.
— Pledditor (@Pledditor) August 7, 2023
Paxos is acting as a white-label for other brands to make their own stablecoins under the Paxos Trust.
Kinda lame tbh https://t.co/WLjV8reZwc
