We’re thrilled to announce the listing of PayPal USD (PYUSD) on Bitso! As one of the most trusted stablecoins in the market, PYUSD is designed to bridge traditional finance with the decentralized world, offering seamless, secure, and efficient digital payments. Whether you’re new to stablecoins or looking for a robust and transparent option, PYUSD is here to transform how you interact with digital money.
What is PYUSD?
PayPal USD (PYUSD) is a fully backed, U.S. dollar-pegged stablecoin issued by Paxos Trust Company and launched in partnership with PayPal, one of the world’s leading payment platforms. Designed for Web3 payments, PYUSD offers a reliable digital currency solution that combines the security of blockchain technology with PayPal’s trusted reputation.
Every PYUSD token is backed 1:1 by U.S. dollar deposits, short-term U.S. Treasuries, and similar cash equivalents, making it a highly secure option for stablecoin transactions. PYUSD is an ERC-20 token that operates on the Ethereum blockchain, ensuring compatibility with a wide range of wallets, decentralized applications (dApps), and exchanges.
Three Key Aspects of PYUSD
1. Trust and Transparency
PYUSD is issued by Paxos, a highly regulated financial institution supervised by the New York State Department of Financial Services (NYDFS). With monthly reserve attestations conducted by independent auditors and 100% backed by U.S. dollar deposits and short-term U.S. Treasuries, PYUSD offers great security and reliability, ensuring users’ confidence in a stable and transparent digital currency.
2. Streamlined Cross-Border Payments
PYUSD simplifies sending money globally by leveraging its seamless integration with widely used applications like PayPal and Venmo. Users can effortlessly transfer PYUSD across borders to Bitso accounts, enabling low-cost, instant remittances and bridging the gap between traditional financial systems and blockchain technology. This positions PYUSD as a practical solution for international payments and remittance needs.
3. A Stable and Scalable Solution
Designed as a fully-backed U.S. dollar stablecoin, PYUSD is built for reliability in digital finance. Its strong foundations in both blockchain and traditional finance allow it to serve as a robust option for payments, remittances, and decentralized finance applications. With its Ethereum-based infrastructure, PYUSD ensures seamless integration into a variety of wallets, dApps, and exchanges, setting the stage for long-term adoption and scalability.
PYUSD in Action
Imagine you’re a migrant worker in the U.S. sending remittances to your family in Latin America. Traditionally, high fees and long transfer times make this process expensive and inefficient.
Here’s how PYUSD simplifies it:
- Send PYUSD from PayPal: Use your PayPal account to purchase and send PYUSD to your family member’s Bitso wallet.
- Instant Transfer: The transaction is processed on the Ethereum blockchain, ensuring low fees and near-instant delivery.
- Conversion to Local Currency: Your family member can easily convert PYUSD to their local currency (e.g., MXN) directly within Bitso, accessing the funds quickly and affordably.
By leveraging PYUSD, you save money on fees and provide your loved ones with a fast, secure, and accessible remittance solution.
How to Get Started with PYUSD on Bitso
Getting started with PYUSD is easy!
- Create a Bitso Account
If you’re not already a Bitso user, sign up and complete the verification process. - Fund Your Wallet
Deposit your local currency or other cryptocurrencies to start trading. - Buy or Receive PYUSD
Navigate to PYUSD trading pairs or receive PYUSD directly from PayPal. You can trade PYUSD or use it for cross-border payments and remittances.
Note: PYUSD is currently listed as an ERC-20 token on Ethereum. Bitso ensures full compatibility with Ethereum-based wallets and platforms while monitoring future network expansions, such as Solana, to enhance user convenience.
Disclaimer
This blog post is for informational purposes only and does not constitute financial advice. While PYUSD is a stablecoin designed to maintain a 1:1 peg to the U.S. dollar, risks may still exist, including those related to technology, regulatory changes, and operational issues. Users are encouraged to conduct their own research (DYOR) and assess their financial goals and needs before using or holding digital assets. Bitso is not liable for any losses or issues arising from the use of PYUSD or other cryptocurrencies.
