Tech
New web crawler from OpenAI that will explore more of the Open Web. PayPal’s cryptocurrency payments strategy includes a new stablecoin
PayPal Holdings Inc.’s launch of a stablecoin, the first by a major banking institution, could provide a big boost to the slow use of digital tokens for payments. According to the San Jose, California-based payments company, PayPal USD (PYUSD) is issued by Paxos Trust Co. and is fully backed by U.S. dollar deposits, short-term Treasury securities and cash equivalents. US users of PayPal will gradually be able to use it as it is pegged to the dollar. Dan Schulman, CEO of PayPal, is attempting to solidify PayPal’s dominance in digital payments via PYUSD by relying on technology that enables quick and cheap transactions without the need for a central intermediary.