PayPal has introduced its own stablecoin that is pegged to the US dollar, nearly three years after adding support for cryptocurrencies to its platform. Called PayPal USD, the stablecoin is fully backed by US dollar deposits, short-term US Treasuries, and similar cash equivalents. Last year, PayPal confirmed its plans to explore a stablecoin after code and images for a ‘PayPal Coin’ were discovered in its app. The company stated that it would collaborate with regulators when considering further action.
