(Reuters) -Payments firm PayPal on Monday launched a U.S. dollar stablecoin in a bid to boost the adoption of digital currencies for payments and transfers.
The stablecoin, known as PayPal USD, is backed by U.S. dollar deposits and short-term U.S Treasuries, according to the company.
Stablecoins are cryptocurrencies designed to be protected from the wild volatility that makes it difficult to use digital assets for payments or as a store of value.
(Reporting by Jaiveer Singh Shekhawat in Bengaluru; Editing by Nivedita Bhattacharjee and Shounak Dasgupta)
