PayPal, a major player in payment processing, introduced cryptocurrency payments in 2020 and has since been heavily involved in the market. On August 7, the American company PayPal introduced a fresh stablecoin named PayPal USD (PYUSD). The U.S. dollar-pegged stablecoin will be released by Paxos Trust Co. and will be entirely backed by U.S. dollar deposits, short-term Treasury securities, and other cash equivalents. The company says it's based on Ethereum and "designed for digital payments and Web3," and that American customers will soon be able to purchase it. Exchanges, Web3 applications, and wallets that accept PayPal USD are all cryptographic