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.
Starting August 7, 2023 and rolling out in the coming weeks, eligible U.S. PayPal customers who purchase PayPal USD will be able to:
-Transfer PayPal USD between PayPal and compatible external wallets
-Send person-to-person payments using PYUSD
-Fund purchases with PayPal USD by selecting it at checkout2
-Convert any of PayPal's supported cryptocurrencies to and from PayPal USD
For more information, go to https://www.paypal.com/pyusd