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PayPal (NASDAQ: PYPL) has today announced a US dollar-backed stablecoin dubbed PayPal USD (PYUSD).

According to a press release the payments giant published on Monday, PayPal USD will be issued by Paxos Trust Co., the company that issued the discontinued Binance USD (BUSD) stablecoin.

Dan Schulman, president and CEO, PayPal said:

“The shift toward digital currencies requires a stable instrument that is both digitally native and easily connected to fiat currency like the U.S. dollar. Our commitment to responsible innovation and compliance, and our track record delivering new experiences to our customers, provides the foundation necessary to contribute to the growth of digital payments through PayPal USD.”

PYUSD is an ERC-20 token on Ethereum and the only stablecoin PayPal supports. However, the company says it will be available across its growing ecosystem, including wallets, external developers, and web3 applications.

As part of its regulatory compliance, PayPal says Paxos will publish PYUSD reserves report every month, beginning September 2023. The stablecoin issuer will also publish PYUSD’s reserve assets attestation every quarter, with this handled by an independent third-party accounting firm. The attestation will adhere to established standards of the American Institute of Certified Public Accountants (AICPA).

PayPal says PYUSD will be redeemable 1:1 for USD and is set to be 100% backed by US dollar deposits, short-term Treasury bills and cash equivalents.

PYUSD is expected to roll out in coming weeks and will see eligible PayPal customers in the United States access features such as transfers between their PayPal accounts and compatible external wallets. Users will also be able to handle person-to-person payments or pay using PYUSD at checkout. Another supported feature is the ability to convert to and from PayPal USD with any of the supported cryptocurrencies.

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