Global payments company PayPal launched its US dollar-pegged stablecoin, PayPal USD (PYUSD), on Monday as part of its expansion into the cryptocurrency market.
The Ethereum-based token is available to PayPal users in the US, and is backed by dollar deposits, US treasuries and cash equivalents, the company said.
“The launch of the stablecoin has started today and it will be rolled out in the coming weeks. Eligible US PayPal customers who purchase PayPal USD will be able to transfer PayPal USD between PayPal and compatible external wallets. It also allows the user to send person-to-person payments using PYUSD,” it said.
Users can buy and sell 1 PYUSD for 1 US dollar on PayPal, and there is no fee to buy, sell, hold or transfer PYUSD to eligible US PayPal balance accounts. There is, however, a fee to convert between PYUSD and other cryptocurrencies, the company said, without disclosing the fee.
“The shift towards digital currencies requires a stable instrument that is both digitally native and easily connected to fiat currency like the US dollar,” said Dan Schulman, president and chief executive of PayPal.
The shares of PayPal were trading up 1.5 per cent at at $63.75 on Nasdaq at 7.52pm UAE time on Monday.
The stablecoin is issued by Paxos Trust Company, a company regulated by NYSDF, PayPal said.
PayPal was issued a BitLicence by in June last year by the New York State Department of Financial Services (NYSDF) after previously obtaining a conditional BitLicence.
In January last year, the company had said it was exploring the launch of its own stablecoin as part of its cryptocurrency push.
“We are exploring a stablecoin; if and when we seek to move forward, we will, of course, work closely with relevant regulators,” Jose Fernandez da Ponte, senior vice president of crypto and digital currencies at PayPal, said at the time.
Stablecoins are a type of cryptocurrency designed to have a steady value over time relative to a reference asset, such as the dollar.
Stablecoins are programmable, offering developers a useful digital currency that can be built into public blockchains and can help link the traditional economy and Web3.
“Fully-backed, regulated stablecoins have the potential to transform payments in Web3 and digitally native environments,” PayPal said.
Last week, the California-based company announced a profit of $1.03 billion in the second quarter, compared to a loss of $341 million in the same period last year. Its revenue during the April-June period increased by 7 per cent on an annual basis to $7.3 billion.
In February, PayPal said it will lay off 2,000 employees, about 7 per cent of its workforce, as the technology industry continues to cut back on a hiring surge that began after the onset of the Covid-19 pandemic.
In June, PayPal and private equity firm KKR announced a multiyear relationship for European “buy now, pay later” receivables.
The biog
Name: Sarah Al Senaani
Age: 35
Martial status: Married with three children - aged 8, 6 and 2
Education: Masters of arts in cultural communication and tourism
Favourite movie: Captain Corelli’s Mandolin
Favourite hobbies: Art and horseback ridding
Occupation: Communication specialist at a government agency and the owner of Atelier
Favourite cuisine: Definitely Emirati - harees is my favourite dish
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MATCH INFO
Fixture: Thailand v UAE, Tuesday, 4pm (UAE)
TV: Abu Dhabi Sports
RESULTS
6pm: Al Maktoum Challenge Round-2 – Group 1 (PA) $55,000 (Dirt) 1,900m
Winner: Rajeh, Antonio Fresu (jockey), Musabah Al Muhairi (trainer)
6.35pm: Oud Metha Stakes – Rated Conditions (TB) $60,000 (D) 1,200m
Winner: Get Back Goldie, William Buick, Doug O’Neill
7.10pm: Jumeirah Classic – Listed (TB) $150,000 (Turf) 1,600m
Winner: Sovereign Prince, James Doyle, Charlie Appleby
7.45pm: Firebreak Stakes – Group 3 (TB) $150,000 (D) 1,600m
Winner: Hypothetical, Mickael Barzalona, Salem bin Ghadayer
8.20pm: Al Maktoum Challenge Round-2 – Group 2 (TB) $350,000 (D) 1,900m
Winner: Hot Rod Charlie, William Buick, Doug O’Neill
8.55pm: Al Bastakiya Trial – Conditions (TB) $60,000 (D) 1,900m
Winner: Withering, Adrie de Vries, Fawzi Nass
9.30pm: Balanchine – Group 2 (TB) $180,000 (T) 1,800m
Winner: Creative Flair, William Buick, Charlie Appleby
SPECS
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The biog
Profession: Senior sports presenter and producer
Marital status: Single
Favourite book: Al Nabi by Jibran Khalil Jibran
Favourite food: Italian and Lebanese food
Favourite football player: Cristiano Ronaldo
Languages: Arabic, French, English, Portuguese and some Spanish
Website: www.liliane-tannoury.com
Volvo ES90 Specs
Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)
Power: 333hp, 449hp, 680hp
Torque: 480Nm, 670Nm, 870Nm
On sale: Later in 2025 or early 2026, depending on region
Price: Exact regional pricing TBA
The biog
Simon Nadim has completed 7,000 dives.
The hardest dive in the UAE is the German U-boat 110m down off the Fujairah coast.
As a child, he loved the documentaries of Jacques Cousteau
He also led a team that discovered the long-lost portion of the Ines oil tanker.
If you are interested in diving, he runs the XR Hub Dive Centre in Fujairah
It
Director: Andres Muschietti
Starring: Bill Skarsgard, Jaeden Lieberher, Sophia Lillis, Chosen Jacobs, Jeremy Ray Taylor
Three stars
Specs
Engine: Electric motor generating 54.2kWh (Cooper SE and Aceman SE), 64.6kW (Countryman All4 SE)
Power: 218hp (Cooper and Aceman), 313hp (Countryman)
Torque: 330Nm (Cooper and Aceman), 494Nm (Countryman)
On sale: Now
Price: From Dh158,000 (Cooper), Dh168,000 (Aceman), Dh190,000 (Countryman)
Groom and Two Brides
Director: Elie Semaan
Starring: Abdullah Boushehri, Laila Abdallah, Lulwa Almulla
Rating: 3/5
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SPEC%20SHEET%3A%20SAMSUNG%20GALAXY%20S24%20ULTRA
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The specs
Engine: 2.0-litre 4-cyl turbo
Power: 201hp at 5,200rpm
Torque: 320Nm at 1,750-4,000rpm
Transmission: 6-speed auto
Fuel consumption: 8.7L/100km
Price: Dh133,900
On sale: now
Racecard
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The%20specs
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