PayPal Launches PayPalUSD Stablecoin, Announces Giveaway

Adekunle Joshua

PayPal introduces a stablecoin dubbed PayPalUSD, becoming the first major fintech to launch a stablecoin.

The platform also announces a giveaway for its US adult customers.

As per the announcement, there will be 100 winners for the lucky draw, and each of them will be awarded $50.

PayPal has become the first major fintech to introduce a stablecoin with the launch of its PayPalUSD (PYUSD).

PayPal announced the introduction of PayPalUSD as an initial strategy for paving its way to the wider crypto space.

PayPal CEO Dan Schulman asserted that the launch of PayPalUSD hints at the company’s shift to digital currencies.

Subsequent to the stablecoin’s launch, PayPal declared the giveaway, beginning on August 8 at 12.00 am (ET) and ending at 11:59 pm (ET).

The minimum eligibility required for the participants, as announced by the platform, is a social account on Instagram and/or Twitter, and a PayPal account.