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Golden Finance reported that after PayPal announced the launch of a stable currency linked to the U.S. dollar, becoming the first online payment giant to enter the cryptocurrency field, PayPal's stock price rose 2.54% intraday and is now at $64.34, recovering from its three-month low.
Jinse Finance has reported that the stablecoin, called PayPal USD (PYUSD), is backed by U.S. dollar deposits, U.S. Treasury bonds and cash equivalents, and aims to maintain the value of $1. According to Bloomberg, PayPal CEO Dan Schulman wants to make cryptocurrencies "part of the overall payment infrastructure."