- 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). Following the launch, the fintech giant announced a PayPal Pays Back Giveaway or the “Sweepstakes” to its adult customers in the United States, offering an award of $50 to the winner of the lucky draw.
On Monday, PayPal announced the introduction of PayPalUSD as an initial strategy for paving its way to the wider crypto space. The platform intends to extend its services to the world of virtual currencies, first by embracing digital currencies for payments in the crypto and web3 sectors, and later branching out to other sectors.
PayPal CEO Dan Schulman asserted that the launch of PayPalUSD hints at the company’s shift to digital currencies. He asserted that “a stable instrument that is both digitally native and easily connected to fiat currency” is needed for such a transformation. Commenting on the company’s commitment to the project, Schulman added,
Our commitment to responsible innovation and compliance, and our track record delivering new experiences to our customers, provides the foundation necessary to contribute to the growth of digital payments through PayPal USD.
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. The account holders should follow PayPal and send their email addresses connected to their PayPal account. Individuals who meet the above criteria will receive an entry to the Sweepstake, becoming eligible for the lucky draw.
PayPal’s enthusiasm for embracing the web3 and blockchain technologies has been recognized from its effort to introduce the stablecoin and the subsequent giveaway. In a recent interview, the Senior Vice President at PayPal, Jose Fernandez de Ponte elaborated on the significance of blockchain and digital currencies in finance.
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