PYUSD: Everything about PayPal's cryptocurrency
You may have already heard that PayPal, one of the largest global payments companies, announced its own cryptocurrency, PayPal USD ( PYUSD) . Indexed to the US dollar, it promises guaranteed parity with the dollar, attracting the attention of investors. But then, is it worth investing in PYUSD? In this article, understand how the currency works, its characteristics, main advantages and how to start using it. summary What is PYUSD? Characteristics Advantages of PYUSD How to use PYUSD? Possible impacts on the financial market What is PYUSD? PYUSD is a cryptocurrency launched by PayPal in August 2023. Classified as a stablecoin — a currency indexed to a stable asset such as fiat currencies and commodities — it is pegged to the US dollar.The coin will be issued by Paxos Trust Company, a broker known for participating in several projects in the crypto world. It can be used to make transfers between wallets, payments to third parties and purchases of funds, as well as converting other currencies to PayPal USD. Initially, the cryptocurrency Brother cell phone list will only be available to PayPal customers in the United States . There is still no information about its launch in Brazil or other markets. Characteristics Paired to the US dollar, PYUSD promises stability and low-cost instant transfers without a central intermediary. Next, learn more about the main characteristics of the cryptoactive. Ballast and Stability PYUSD is a stablecoin pegged to the US dollar. This means that one unit of cryptocurrency is equivalent to US$1 . The parity must be guaranteed by dollar deposits, short-term US Treasury bonds and equivalent instruments.
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Therefore, unlike other cryptocurrencies, which are known for their volatility, PYUSD and stablecoins, in general, try to minimize price fluctuation, offering more stability to the buyer. PayPal Integration Integrated with PayPal, PYUSD can be redeemed in dollars or exchanged for other cryptocurrencies available on the global payments network platform. It will still be possible to use the stablecoin on Venmo, PayPal's social payments app. One of the advantages of integration is that operations can be carried out through the platform at any time, without intermediaries and limited business hours . Advantages of PYUSD Stablecoins like PYUSD have gained a lot of space in the crypto world as they are more economical and simple alternatives to access so-called fiat currencies, such as the dollar.
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