The PayPal payment service has its own cryptocurrency. The digital money “Paypal USD” is linked to the US dollar and should be available to US customers of the company. The so-called “stablecoin” can be bought at a price of one dollar per unit and exchanged for the US currency, PayPal said. The digital currency is secured, among other things, by dollars and short-term US government bonds.

With the PayPal coins, users can, among other things, pay for purchases and send them to other users. Paypal already offered its customers the opportunity to trade some other cryptocurrencies. Technically, PayPal USD is based on the Ethereum blockchain and can therefore be easily integrated into the existing ecosystem of digital currencies, PayPal emphasized.