PayPal has launched a new feature that lets users convert its stablecoin PYUSD to and from other cryptocurrencies. It's part of the company's recently launched Cryptocurrency Hub, which makes buying and selling crypto easier. This initiative intends to strengthen its position in the growing cryptocurrency industry.
PYUSD is PayPal's first dollar-pegged stablecoin. With its introduction, PayPal becomes the first major US financial institution to offer a stablecoin. Paxos will issue and manage the token, fully backed by US cash deposits.
Users can track their crypto holdings and their equivalent in US dollars using PayPal's Cryptocurrency Hub. However, those with substantial balance account records get immediate access to it.
Despite a promising start, the launch of the PYUSD has raised worries among investors and regulators about the need for well-defined stablecoin laws.
