PayPal launches USDC competitor, investors bullish on this new project presale in 2023
There is a dynamic transformation in the stablecoin scene following the recent introduction of PayPal’s USD stablecoin. With its entry, there are questions about its potential impact on existing options like USDC. Meanwhile, Borroe’s presale is ongoing and continues to attract supporters and investors. PayPal’s stablecoin PayPal’s recently launched a USD-backed stablecoin for users to transfer funds between digital wallets, facilitate person-to-person payments, and permit purchases via digital currencies. You might also like: USDC issuer creates $1 billion cash buffer days after PayPal’s entry Additionally, users can easily convert supported cryptocurrencies to and from PayPal USD. Backed by USD deposits, short-term treasuries, and cash equivalents, the stablecoin mirrors the 1-to-1 ratio redemption characteristic of most USD-backed stablecoins. To launch this stablecoin, PayPal partnered with Paxos Trust Company, a New York-based blockchain-focused fintech firm.