PayPal USD (PYUSD), a U.S. dollar-denominated stablecoin powered by PayPal and issued by Paxos Trust, is making its debut on BitPay.
PayPal USD would join the likes of Shiba Inu, XRP, Bitcoin, Ethereum, Dogecoin, Litecoin, Wrapped Bitcoin and stablecoins such as Dai Binance USD, USD Coin (USDC), Pax Dollar (USDP) and Gemini Dollar (GUSD), as well as other crypto assets that are already supported by the platform.
PayPal USD stablecoin launched in August 2023 and has been listed on various platforms. In a new release, BitPay announced it has rolled out PayPal USD (PYUSD) payments for merchants and consumers. This comes as the crypto payment provider announces support for the stablecoin.
PYUSD has been automatically added to the list of supported cryptocurrencies in the BitPay merchant and BitPay app in a new update.
BitPay merchants will be able to accept PYUSD in addition to all of the other cryptocurrencies accepted by BitPay merchant solutions. Customers can pay with their BitPay Wallet, PayPal Wallet, Metamask or any other Ethereum wallet that is compatible.
Xsolla, a video game commerce start-up, will be among the first merchants to accept PYUSD, allowing clients to purchase any goods online using the PayPal stablecoin.
Also, the move allows BitPay users various means to spend PYUSD, either at supported merchants, hold it within a self-custody wallet or use PYUSD to purchase gift cards from over 250 retailers and brands.
Paxos issues first transparency report for PayPal USD
The first transparency report for the stablecoin PayPal USD has been provided by issuer Paxos, saying that the stablecoin is fully backed by assets.
According to the report, the total assets held in PayPal USD's custody "meet or exceed the token balance," with $44.4 million in total tokens outstanding as of Aug. 31, 2023. The notional position value totaled $44.5 million.