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Launched by PayPal in partnership with Paxos, PYUSD is a stablecoin pegged 1:1 to the US dollar and fully backed by dollar deposits and short-term Treasury securities. Each token can be redeemed directly for USD, making it suitable for fast, low-cost cross-border payments. The coin operates on multiple blockchains, offering PayPal users a bridge between traditional finance and blockchain-based transactions.