Among the early adopters of this new feature is Xsolla, a company that enables its customers to make online purchases using the PayPal stablecoin.
PYUSD has been designed as a cryptocurrency tailored for transactional purposes and is issued by Paxos Trust Company. It is fully backed by US dollar deposits, short-term US treasuries, and similar cash equivalents, with a 1:1 redemption rate for US dollars.
In the company press release, officials from Xsolla expressed enthusiasm for the partnership and talked about the PYUSD stablecoin. They mentioned that it brings innovative payment solution that aligns with their commitment to providing accessible and secure transaction options. Together with BitPay, Xsolla aims to enhance the buying experience for gamers and pave the way for future developments in the cryptocurrency space.
Officials from BitPay emphasised the importance of PYUSD's payment utility and community engagement. They talked about the process of adding a new cryptocurrency for merchants to accept and revealed the factors that this decision involves, including payment utility and community involvement. They also highlighted that supporting PYUSD encourages mass adoption of cryptocurrency payments from PayPal's customer base.
Notably, BitPay has seamlessly integrated PYUSD into its services for both merchants and BitPay app users. Merchants will not need to make any adjustments to accept PYUSD payments. Customers have the flexibility to make payments using their BitPay Wallet, PayPal Wallet, Metamask, or any compatible Ethereum wallet.
Established in 2011, BitPay is on a mission to revolutionise how businesses and individuals handle money transfers, receipts, and storage. BitPay's suite of business solutions addresses issues such as fraud chargebacks, reduces payment processing costs, and facilitates cross-border cryptocurrency payments. The company offers consumers a digital asset management solution that encompasses the BitPay Wallet and BitPay Card, allowing them to convert digital assets into spendable dollars at numerous businesses.
Xsolla is a global player in the video game commerce sector, providing a set of tools and services tailored to the gaming industry. Since its inception in 2005, Xsolla has assisted numerous game developers and publishers, regardless of their scale, in funding, marketing, launching, and monetising their games worldwide and across various platforms. The company's mission revolves around simplifying the inherent complexities associated with global distribution, marketing, and monetisation to help its partners expand into new regions, boost revenue, and establish connections with gamers across the globe.
For more information about PayPal, please check out their detailed profile in our dedicated, industry-specific Company Database.
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