Aug 2023 Crypto Industry Updates

Last updated on 31 Aug, 2023 1 min read

Table of Contents

Content will be sorted chronologically with latest at the bottom.

PayPal has unveiled its new USD stablecoin
- Known as PayPal USD (PYUSD)
- PYUSD is in collaboration with Paxos as an ERC-20 token on the Ethereum network.
- It is a centralised stablecoin that can be frozen at will by Paypal
- 100% backed by USD deposits and short-term treasuries.
- Overseen by the New York State Department of Financial Services