MoonPay Adds Support for PayPal’s Stablecoin

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MoonPay has recently added support for PayPal USD (PYUSD), a dollar-denominated stablecoin issued by Paxos Trust Company, to its list of supported cryptocurrencies.

Users in all supported countries, except for Canada, can now purchase PYUSD through MoonPay using various payment methods.

This update comes after MoonPay and PayPal announced in May 2024 that they are strategically integrating to allow MoonPay users to buy and sell crypto with their PayPal accounts.

PYUSD is a stablecoin focused on payments and can be redeemed for US dollars. It is reportedly backed by 100% US dollar deposits, short-term US Treasuries, and similar cash equivalents.

It was one of the first stablecoins released by a major financial services company, and other fintech giants like Robinhood and Revolut are reportedly considering launching their own stablecoins as well.