dollars on the blockchain," Paxos posted on messaging platform X, formerly known as Twitter. "PYUSD is the first of its kind, representing the next phase of U.S. dollars at any time, and can also be used to buy and sell the other cryptocurrencies PayPal offers on its platform, including bitcoin. It will gradually be available to PayPal customers in the United States. dollar deposits and short-term U.S Treasuries, and will be issued by Paxos Trust Co. PayPal's stablecoin, dubbed PayPal USD, is backed by U.S. leads the financial system of the future," he said. Congress is making significant, bipartisan progress on legislation to ensure the U.S. "We are currently at a crossroads to keep America at the forefront of digital asset innovation. In a statement on Monday, Representative Patrick McHenry, the committee's Republican chair, said that PayPal's announcement is an indication that stablecoins "hold promise as a pillar of our 21st century payments system."
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