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PayPal has launched the USD stablecoin PYUSD, which will be issued by Paxos and be available to US customers.

Odaily News: PayPal announces the launch of a US dollar stablecoin called PayPal USD (PYUSD) for transfers and payments. This stablecoin is issued by Paxos Trust Co. and is backed by the US dollar, short-term government bonds, and cash equivalents. PYUSD will gradually be made available to PayPal customers in the United States. Starting today and over the next few weeks, eligible US PayPal customers will be able to transfer PYUSD between PayPal and compatible external wallets, make peer-to-peer payments using PYUSD, choose to use PYUSD for checkout, and exchange any supported cryptocurrencies by PayPal with PYUSD. Starting from September 2023, Paxos will publish monthly public reserve reports for PYUSD, outlining the specific composition of its reserves. Paxos will also provide third-party proof of the value of PYUSD reserve assets. The attestation will be conducted by an independent third-party accounting firm in accordance with the auditing standards set by the American Institute of Certified Public Accountants (AICPA). PayPal states that PayPal USD is the only stablecoin supported within the PayPal network. As an ERC-20 token issued on the Ethereum blockchain, PayPal USD will be available to the already large and growing community of external developers, wallets, and Web3 applications, making it easy to adopt by exchanges and enhance the experience within the PayPal ecosystem. Most stablecoins currently exist within Web3-specific environments, but PayPal USD will be compatible with this ecosystem from day one and will soon be available on Venmo.
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