One of the world’s leading payments firms is making a new push into crypto with a brand new US dollar-backed stablecoin built on Ethereum (ETH). PayPal is unveiling PayPalUSD (PYUSD), a stablecoin that aims to keep a 1:1 peg with the US dollar.
PBN Research
PayPal Stablecoin
https://www.paypal.com/us/digital-wallet/manage-money/crypto/pyusd
Introducing the new cryptocurrency, PayPal USD (PYUSD).1 It’s a stablecoin backed by secure and highly liquid assets. As PYUSD rolls out, you’ll be able to buy, sell, hold, and transfer it in Paypal app or on site.
Details
https://newsroom.paypal-corp.com/2023-08-07-PayPal-Launches-U-S-Dollar-Stablecoin
.As an ERC-20 token issued on the Ethereum blockchain, PayPal USD will be available to an already large and growing community of external developers, wallets and web3 applications, can be easily adopted by exchanges, and will be deployed to power experiences within the PayPal ecosystem. Â
FEDFund
https://tradingeconomics.com/united-states/interest-rate
The Federal Reserve raised the target range for the federal funds rate by 25bps to 5.25%-5.5% in July 2023, in line with market expectations, and bringing borrowing costs to the highest level since January 2001. Policymakers also said they will continue to monitor the implications of incoming information for the economic outlook and would be prepared to adjust the stance of monetary policy as appropriate if risks emerge that could impede the attainment of inflation and employment goals. Officials will continue to take into account a wide range of information, including readings on labor market conditions, inflation pressures and inflation expectations, and financial and international developments. The Fed resumed the tightening campaign after a pause in June, while noticing the economy has been expanding at a moderate pace, job gains have been robust in recent months, and the unemployment rate has remained low while inflation remains elevated.
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