2023-08-07 17:20:00
The currency will gradually be made available to the company’s customers in the United States
Dubai – Al Arabiya.net
Posted on: August 07, 2023: 09:20 PM GST Last updated: August 07, 2023: 09:59 PM GST
Financial transaction company PayPal on Monday launched a dollar stablecoin in an effort to boost reliance on digital currencies for payments and transfers.
The firm said the stablecoin is backed by dollar deposits and short-term US Treasury notes and will be issued by Paxos Trust.
PayPal shares rose 1.4% to $63.66, according to Archyde.com.
Stablecoins are cryptocurrencies designed to protect against extreme volatility that makes it difficult to use digital assets for payments or as a store of value.
PayPal said the stablecoin would gradually be made available to the company’s US customers.
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