PayPal has launched a dollar stablecoin in a bid to boost reliance on digital currencies in payments and transfers.
According to the company, the stablecoin is supported by dollar deposits and short-term US Treasuries and will be issued by the company "Paxos Trust".
Stablecoins are cryptocurrencies designed to protect against extreme volatility that makes it difficult to use digital assets for payments or as a store of value. PayPal announced that the stablecoin will gradually be made available to the company's customers in the United States.
Source (Al-Khaleej Emirati Newspaper, Edited)
