PayPal's stablecoin PYUSD surpasses $1 billion market cap

PayPal's stablecoin, PYUSD, has surpassed $1 billion in market capitalization.
On the 27th, the market capitalization of "PYUSD" was 1,072,100,000 dollars (approximately 145.7 billion yen, CoinMarket
According to a survey by the SEC, it is the 66th largest cryptocurrency in the world. "PYUSD" is a stablecoin that is pegged 1:1 to the US dollar, and is managed by cryptocurrency custodian.
It will be issued by the Paxos Trust Company. Paxos is one of the companies subject to US regulations.
"To transition to the digital currency era, we need fiat currencies such as the U.S. dollar," PayPal CEO Dan Schulman said in a statement last year.
"We need a stable means that can be easily linked to currency," he said, explaining the reason for the existence of "PYUSD."