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Cryptocurrency
Sky News Arabia – Abu Dhabi
04:51 – August 08, 2023Paypal
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 percent to $63.66.
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.
2023-08-08 04:55:49
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