BitPay Adds Support for PayPal USD Stablecoin
BitPay introduces support for PayPal USD stablecoin, allowing merchants to accept payments in PYUSD. This article discusses the integration and its implications for the crypto community.
Posted 2 months ago in Blockchain
PayPal USD (PYUSD), a U.S. dollar-denominated stablecoin powered by PayPal and issued by Paxos Trust, has made its debut on BitPay. This new integration allows BitPay merchants to accept PayPal USD as a form of payment, expanding the range of supported cryptocurrencies on the platform.
With the addition of PayPal USD, BitPay now supports a wide range of digital assets, including Shiba Inu, XRP, Bitcoin, Ethereum, Dogecoin, Litecoin, Wrapped Bitcoin, and various stablecoins like Dai, Binance USD, USD Coin (USDC), Pax Dollar (USDP), and Gemini Dollar (GUSD).
In addition to merchants, customers can use their BitPay Wallet, PayPal Wallet, Metamask, or any other compatible Ethereum wallet to make payments with PayPal USD. This opens up new opportunities for individuals to transact with the stablecoin.
Xsolla, a video game commerce start-up, will be among the first merchants to accept PayPal USD, enabling customers to purchase goods online using the stablecoin. Furthermore, BitPay users can choose to spend PayPal USD at supported merchants, hold it in a self-custody wallet, or use it to buy gift cards from over 250 retailers and brands.
Paxos, the issuer of PayPal USD, has also released its first transparency report for the stablecoin. The report states that the total assets held in custody for PayPal USD exceed the token balance, with $44.4 million in total tokens outstanding as of August 31, 2023.
Last updated 9/14/2023, 1:51:29 AM
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