PayPal USD (PYUSD) an on-chain, regulated, dollar-denominated stablecoin, is the newest addition to the Fireblocks Network. The stablecoin is 100% backed by U.S. dollar deposits, short-term U.S. Treasuries, and similar cash equivalents.
Secure access to Paypal USD (PYUSD) on Fireblocks
Effectively immediately, Fireblocks users can:
- Store PYUSD tokens in their Fireblocks Vault
- Securely transfer PYUSD tokens on the Fireblocks Network
- Launch PYUSD token support for retail customers and users with Fireblocks’ REST API
- Use PYUSD to deploy funds into Web3 markets (including DeFi and NFT exchanges and platforms)
PayPal’s primary mission with PYUSD is to provide the market with a stable form of digital value, designed to connect fiat dollars to the web3 ecosystem. Over time, PayPal looks to utilize PYUSD to reduce friction from everyday payments while improving speed and lowering costs.
In addition to the increased availability and distribution in these first few weeks, PayPal USD has been greenlisted by the New York State Department of Financial Services, making it easier for virtual currency entities licensed in New York to support PYUSD.
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