PayPal Dives Into Crypto Madness With Dollar-Pegged Stablecoin
, PayPal said its new stablecoin will be “fully backed by US dollar deposits” and can be purchased or sold for $1.00 on the company’s website or app. PayPal says owners can use the currency to make payments, fund purchases at checkout, and convert between other supported cryptocurrencies. The company believes its digital currency could “reduce friction for in-experience payments in virtual environments,” and make it easier to send remittances or transfer money between family and friends.
As the name suggests, stablecoins are intended to function as a less volatile, safer form of crypto since they are pegged to a tangible asset. That doesn’t make them impervious to risk though. Last year, the so-called stablecoin Terra collapsed and wiped out an
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