PayPal has launched a U.S. dollar-denominated stablecoin in a move that the digital payments pioneer says will bridge the gap between fiat and digital currencies and further the transformation of the industry.
Named PayPal USD, the stablecoin is backed by U.S. dollar deposits, short-term U.S. treasuries and similar cash equivalents, making it redeemable one-to-one for U.S. dollars, PayPal said in a statement.
