PayPal USD (PYUSD) is a stablecoin launched on August 7, 2023. Paxos Trust Company issues it for use with PayPal, a global payment services provider. The value of this stablecoin is pegged 1:1 to the U.S. dollar (USD) and is entirely backed by secure and highly liquid assets, including USD deposits, short-term U.S. Treasuries, and other cash equivalents. PYUSD is an ERC-20 token running on the Ethereum blockchain.
The New York Department of Financial Services (NYDFS) regulates the PYUSD stablecoin, ensuring more stability than other stablecoins such as USDT and USDC. At the same time, it offers the benefits of decentralization. This unique characteristic makes PYUSD highly attractive for consumers, merchants, and developers aiming to connect crypto and fiat currencies seamlessly.
Where to Buy/Exchange PYUSD
PYUSD was designed for digital payments and Web3 environments. PayPal users residing in the U.S. can:
- Transfer PYUSD between PayPal and compatible external wallets,
- Send peer-to-peer (P2P) payments using PYUSD,
- Paying for purchases on PayPal by selecting PYUSD at checkout,
- Convert a cryptocurrency supported by PapPal to/from PYUSD.
Several cryptocurrency exchanges have listed PYUSD, including LetsExchange.io. You can swap this stablecoin on our platform for more than 3,800 other cryptocurrencies.
How to Store PYUSD
As an ERC-20 token, users can store PYUSD in any crypto wallet compatible with the Ethereum network. Since the PayPal network supports PYUSD, this stablecoin seamlessly bridges traditional fiat money payments with the crypto space.
How to Convert PYUSD to/from Other Stablecoins on LetsExchange
LetsExchange eases the process of swapping PYUSD for other cryptocurrencies. To exchange PYUSD for another of the 4,000+ supported cryptocurrencies on LetsExchange, you must follow these simple steps:
- Open the exchange widget on the LetsExchange website and select the ‘Swap’ mode.
- Fill in the ‘You Send’ and ‘You Get’ fields. In this case, you must choose PYUSD in the ‘You Send’ field.
- Type in the PYUSD amount you want to convert. The system will automatically calculate the amount of exchanged cryptocurrency you will get.
- Provide the address of the receiving wallet.
- Send the requested PYUSD deposit to the wallet the system indicates.
- Wait a short time for the swap to be completed. You can download a receipt with all the swap details if you wish.
Conclusion
PayPal USD is more than just another stablecoin in the crypto space. The PYUSD token represents a significant development to bridge traditional fiat money payments and cryptocurrencies. Since PYUSD complies with regulatory standards, this digital asset has stability compared to fiat money. As a cryptocurrency supported by the PayPal network, millions of consumers and merchants will likely use PYUSD shortly.
Disclaimer
Please keep in mind that the above information is based exclusively on our observations and is provided for informational purposes only. It doesn’t constitute any kind of financial advice nor represents an official forecast. Cryptocurrency is a highly volatile asset, and you are investing in it at your own risk.