PayPal’s stablecoin opens door for crypto adoption in traditional finance By Cointelegraph

Global payment processing giant PayPal (NASDAQ:) announced its United States dollar-pegged payment stablecoin called PayPal USD (PYUSD) on Aug. 7.

The stablecoin is developed on (ERC-20) and will be issued by Paxos Trust Co. PYUSD is reportedly fully backed by U.S. dollar deposits, short-term Treasurys and similar cash equivalents.

One-year USDC market capitalization chart shows value dropping sharply with onset of banking crisis. Source: CoinMarketCap