Meet PYUSD - Paypal x Paxos
It isn't a good week without one of our usual token integrations! But wait - this is not a usual token integration. This is one of our latest surprises for you - and once you see what this is about (even though we already think you are familiar with this project), you'll love HYVE even more!
This week HYVE's payment system is integrating $PYUSD, or PayPal USD - our newest addition to the stablecoins collection! And if you don't know much about PayPal, therefore, let's dive into this story!
Oops! We almost forgot - down below you will see the contract address for $PYUSD, and while you are at it, join us, if you haven't yet!
ETH: 0x6c3ea9036406852006290770bedfcaba0e23a0e8
PayPal is going more digital than ever!
PayPal, a renowned digital payment platform, revolutionized the way we send and receive money online. Known for its user-friendly interface and secure transactions, PayPal has long been a go-to for online shoppers and businesses alike. But why did they decide to dip their toes into the world of cryptocurrency and create their own stablecoin?
The world of finance is ever-evolving, and cryptocurrencies have been the latest wave. Recognizing the potential of blockchain technology and the growing interest in digital currencies, PayPal saw an opportunity to innovate and stay ahead in the financial technology sector. By embracing cryptocurrencies, they could cater to a new market of tech-savvy users and crypto enthusiasts, while also offering more diverse and potentially more efficient financial services.
The creation of their own stablecoin, $PYUSD, was a strategic move in this direction. Unlike the often volatile nature of cryptocurrencies like Bitcoin and Ethereum, a stablecoin offers a more stable value, pegged to a currency like the US dollar. This makes it an appealing option for users who are interested in the benefits of cryptocurrencies - like fast, borderless transactions - but are wary of the price fluctuations. By integrating $PYUSD into their platform, PayPal not only expanded their services but also provided a gateway for users to explore the world of crypto in a more familiar and stable environment.
Try $PYUSD now!
$PYUSD is a stablecoin created by Paxos Trust Company, a regulated firm that also issues $USDP, another regulated stablecoin. Designed for stability, $PYUSD maintains a consistent 1:1 value ratio with the US dollar, as reserves are held 100% in USD Deposits, US Treasuries and other cash equivalents. $PYUSD is always redeemable with Paxos - sounds like the stablecoin of your dream, right?
But that's not it - this stablecoin can be traded for various cryptocurrencies on PayPal, including Bitcoin, Ethereum, Litecoin, and Bitcoin Cash. It serves as a payment method within PayPal's network and is slated to become usable on Venmo, PayPal's widely-used payment app, while users will have the option to transfer $PYUSD between PayPal and Venmo wallets.
Furthermore, $PYUSD offers flexibility by being transferable to third-party wallets compatible with the ecosystem, like MetaMask or Coinbase Wallet. This feature broadens its utility, enabling access to a range of web3 applications and services that accept $PYUSD or similar stablecoins. How does the birth of $PYUSD benefit both PayPal and the legions of crypto enthusiasts worldwide?
- trust and credibility – with PayPal’s longstanding reputation in the fintech sector, PYUSD will likely be trusted by cryptocurrency beginners. This faith is also reinforced by $PYUSD’s transparent backing of U.S. dollar deposits and short-term U.S. bonds.
- seamless integration – unlike other centralized stablecoin rivals like Tether, PYUSD is not a standalone entity. Right off the bat, $PYUSD is already deeply woven into existing PayPal services, meaning users can effortlessly use the stablecoin for transactions within PayPal’s network.
- Web3 compatibility – as an ERC-20 token, $PYUSD isn’t confined to PayPal’s domain. It can be transferred to supporting crypto wallets, opening the doors to DeFi integration. Who knows, maybe PYUSD will even be used to buy PayPal NFTs in the future.
- stability – being a stablecoin, $PYUSD offers newcomers a refuge from the notorious volatility of the crypto market while still enjoying exposure to the emerging use cases of blockchain technology.
HYVE time!
Well this week was slow on partnerships, but that's only as we are heading into a longer weekend for our team. As Tudor mentioned, we are currently having a surprise under wraps for Q1 2024, which is different from what we have done before. We'll be posting on X a lot more often as we are nearing the date.