PayPal launches its own U.S. dollar backed stablecoin

PayPal (PYPL) is entering the crypto space, announcing the launch of its own stablecoin. The coin will be backed by the U.S. dollar, short-term U.S. treasuries, and other cash equivalents. Customers will be able to use PYUSD to purchase products, send from person-to-person, transfer to other wallets, and can be converted to or from other cryptocurrencies that PayPal supports. Yahoo Finance Senior Reporter Jennifer Schonberger reports the details of the launch.