<p>Payments firm PayPal on Monday launched a US dollar stablecoin in a bid to boost the adoption of digital currencies for payments and transfers.</p>.<p>The stablecoin, known as PayPal USD, is backed by US dollar deposits and short-term US Treasuries, and will be issued by Paxos Trust Co, according to the company.</p>.<p>PayPal's shares rose 1.4 per cent to $63.66.</p>.PayPal ruling will help India during FATF review of its anti-black money regime, claim insiders.<p>Stablecoins are cryptocurrencies designed to be protected from the wild volatility that makes it difficult to use digital assets for payments or as a store of value.</p>.<p>PayPal USD is pegged to the dollar and will gradually be available to the company's customers in the United States, the digital payments firm said.</p>.<p>Last month a US congressional committee failed to come to an agreement on a bill to establish a federal regulatory framework for stablecoins.</p>.<p>Visa had said in 2021 that it will allow the use of the cryptocurrency USD Coin to settle transactions on its payment network.</p>
<p>Payments firm PayPal on Monday launched a US dollar stablecoin in a bid to boost the adoption of digital currencies for payments and transfers.</p>.<p>The stablecoin, known as PayPal USD, is backed by US dollar deposits and short-term US Treasuries, and will be issued by Paxos Trust Co, according to the company.</p>.<p>PayPal's shares rose 1.4 per cent to $63.66.</p>.PayPal ruling will help India during FATF review of its anti-black money regime, claim insiders.<p>Stablecoins are cryptocurrencies designed to be protected from the wild volatility that makes it difficult to use digital assets for payments or as a store of value.</p>.<p>PayPal USD is pegged to the dollar and will gradually be available to the company's customers in the United States, the digital payments firm said.</p>.<p>Last month a US congressional committee failed to come to an agreement on a bill to establish a federal regulatory framework for stablecoins.</p>.<p>Visa had said in 2021 that it will allow the use of the cryptocurrency USD Coin to settle transactions on its payment network.</p>