On August 14th, Jose Fernandez da Ponte, the Senior Vice President of Blockchain, Cryptocurrency, and Digital Currencies at PayPal, stated in an interview with crypto journalist Laura Shin that although the stablecoin PYUSD, launched by PayPal on the Ethereum network, can only be obtained through the PayPal wallet, their goal is to make PYUSD available on major trading platforms as well. PayPal believes that stablecoins are the killer application in the current blockchain industry, especially in areas such as remittances, B2B payments, and digital goods. PayPal's vision is to become the channel between fiat currency and Web3, making stablecoin payment systems mainstream. Regarding international expansion, PayPal plans to start in the United States before considering other markets. However, PayPal currently has no plans to link stablecoins with currencies other than the US dollar. Additionally, PayPal plans to attract different user groups, including the video game industry, by providing innovative payment use cases such as streaming payments and purchasing digital goods in gaming environments.

BlockBeats reported on August 8th that Paxos has announced the token contract address for PayPal's USD stablecoin (PYUSD), which will be used for transfers and payments. The address is 0x6c3ea9036406852006290770BEdFcAbA0e23A0e8 on the Ethereum mainnet. Currently, 26,905,005.66 tokens have been issued, held by 8 addresses.

According to an official announcement by BlockBeats on August 7th, PayPal will launch a USD stablecoin called PayPal USD (PYUSD) for transfers and payments. The stablecoin is issued by Paxos and backed by US dollars, short-term government bonds, and cash equivalents, and will gradually be made available to PayPal customers in the US. Qualified US PayPal users who purchase PYUSD will be able to: 1. Transfer PYUSD between PayPal and compatible external wallets 2. Send peer-to-peer payments using PYUSD 3. Choose to use PYUSD at checkout 4. Exchange any cryptocurrency supported by PayPal for PYUSD Starting in September 2023, Paxos will release a monthly public reserve report for PYUSD, outlining the tools that make up the reserve. Paxos will also provide third-party proof of the value of the PYUSD reserve assets. The certification will be provided by an independent third-party accounting firm and will be conducted in accordance with the auditing standards established by the American Institute of Certified Public Accountants (AICPA).