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On the evening of August 7th, PayPal, a payment company based in San Jose, California, announced the launch of a stablecoin named PayPal USD (PYUSD). This stablecoin, issued by Paxos Trust (former issuer of BUSD), is fully backed by deposits in US dollars, short-term government bonds, and similar cash equivalents. It will gradually become available to PayPal customers in the United States.