PYUSD/GBP: Convert PayPal USD (PYUSD) to British Pound (GBP)

PayPal USD (PYUSD) is a stablecoin issued by Paxos, a leading regulated blockchain infrastructure and tokenization platform. PYUSD is designed to maintain a stable value over time, relative to the U.S. dollar. This digital currency is fully backed by U.S. dollar deposits, U.S. treasuries, and cash equivalents, ensuring that each PYUSD token is equivalent to 1 USD. PYUSD operates on the Ethereum blockchain, a platform known for its programmability, making it a useful digital currency that can be integrated into public blockchains and help bridge the traditional economy and Web3.

PYUSD operates on the Ethereum blockchain, a decentralized platform that runs smart contracts. As a stablecoin, PYUSD is designed to maintain a steady value over time relative to the U.S. dollar. This is achieved by backing each PYUSD token with U.S. dollar deposits, U.S. treasuries, and cash equivalents. The reserves for PYUSD are held 100% in these assets, ensuring that customer funds are available for 1:1 redemption with Paxos. The reserves and the issuance of PYUSD are subject to strict regulatory oversight by the New York State Department of Financial Services, ensuring transparency and trust in the system.

PYUSD aims to provide inclusive, broad access to the financial system and enable fast and efficient money movement. As a programmable digital currency, PYUSD can be built into public blockchains, linking the traditional economy and Web3. This makes it a useful tool for developers to build new services and products on public blockchains. PYUSD can also be used for person-to-person payments, funding purchases, and converting other supported cryptocurrencies to and from PayPal USD. It is designed to reduce friction for in-experience payments in virtual environments, facilitate fast transfers of value, enable direct flows to developers and creators, and foster the continued expansion into digital assets.

PayPal USD was launched on August 7, 2023, by PayPal, a company that has been at the forefront of the digital payment revolution for more than 20 years. The launch of PYUSD marked PayPal's entry into the stablecoin market, aiming to contribute to the opportunities stablecoins offer for payments. The issuance of PYUSD is performed by Paxos Trust Company, a fully licensed limited purpose trust company. Paxos is known for its products that form the foundation for a new, open financial system that can operate faster and more efficiently. The launch of PYUSD is part of PayPal's commitment to responsible innovation and compliance, and its track record of delivering new experiences to its customers.