PayPal USD (PYUSD) now supported by this crypto-payment provider
PYUSD has been automatically added to the list of supported cryptocurrencies in the BitPay merchant and BitPay app in a new update.
BitPay merchants will be able to accept PYUSD in addition to all of the other cryptocurrencies accepted by BitPay merchant solutions. Customers can pay with their BitPay Wallet, PayPal Wallet, Metamask or any other Ethereum wallet that is compatible. Xsolla, a video game commerce start-up, will be among the first merchants to accept PYUSD, allowing clients to purchase any goods online using the PayPal stablecoin.
Also, the move allows BitPay users various means to spend PYUSD, either at supported merchants, hold it within a self-custody wallet or use PYUSD to purchase gift cards from over 250 retailers and brands.for the stablecoin PayPal USD has been provided by issuer Paxos, saying that the stablecoin is fully backed by assets.
According to the report, the total assets held in PayPal USD's custody"meet or exceed the token balance," with $44.4 million in total tokens outstanding as of Aug. 31, 2023. The notional position value totaled $44.5 million.
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