Paypal Launches Crypto Stablecoin for Transfers, Payment

According to Bloomberg, PayPal Holdings (PYPL) yesterday, on August 7, announced its own stablecoin, the first by a large financial company and a potentially significant boost to the sluggish adoption of digital tokens for payments. The linkage to USD was carried out by a prominent stablecoin mint Paxos. Both Paxos and PayPal have shared information about the stablecoin on their respective websites, although further particulars about the token contract are surprisingly absent from these online portals. Paxos said it plans to publish the first certification report for the stablecoin in September 2023. While no specific contract details were given, it was announced that PYUSD will be an ERC20-based token running on the Ethereum platform.

The absence of a PYUSD minting process seems very plausible at this point. Some have speculated that the specific contract visible on Etherscan might be the official contract, but official confirmation is still pending. Others refer to this particular contract as PYUSD, but people aren't sure.

This uncertainty has caused some confusion as rogue tokens called “PYUSD and Paypal Coin” have infiltrated Dex markets like Uniswap.