PYUSD - The PayPal Stablecoin

CryptoCheck- Updated   
NASDAQ:PYPL   PayPal Holdings, Inc.
Hi Traders, Investors and Speculators of Charts📈📉

PayPal announced yesterday on August 7, 2023 that it has launched a U.S. dollar stablecoin, called PayPal USD (PYUSD). PYUSD is fully backed by U.S. dollar deposits and short-term U.S. Treasuries, and is issued by Paxos Trust Company. It is available to PayPal customers in the United States with PayPal Balance accounts.

PayPal has partnered with Paxos to launch PYUSD. Paxos is a leading blockchain infrastructure company that specializes in stablecoins. Paxos also issues the BUSD stablecoin, which is used by Binance. PYUSD was first announced in January 2022, but its launch was delayed due to regulatory concerns. However, PayPal has since received approval from the New York State Department of Financial Services to issue PYUSD.

PYUSD is currently valued at $1.00 per token. It can be used to buy, sell, hold, and transfer funds on PayPal. It can also be used to make payments to merchants that accept PayPal.
PayPal has been crypto-friendly for some time. In addition to PYUSD, PayPal also offers four other cryptos: Bitcoin, Bitcoin Cash, Ethereum, and Litecoin. PayPal customers can buy, sell, hold, and transfer these cryptocurrencies on the PayPal platform.

PayPal's launch of PYUSD is a significant development in the cryptocurrency space. It is the first major financial technology firm to launch its own stablecoin. PayPal's move is likely to boost the adoption of stablecoins and cryptocurrencies in general.

💭 It's interesting to see how the fundamentals tend to follow the chart or vice versa. When we analyze the PayPal chart, we see a definitive completion of a bearish trend / downward cycle. According to Wyckoff Method and other market phases, the next cycle is the upward cycle / bullish phase. And so, this news comes at just the right time to kickstart a new market cycle!


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PayPal formed gap which takes us back to $72. After market liquidations and final shakeouts, I believe now is a great time to buy !


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