BitPay Adds Support for PayPal USD (PYUSD) Stablecoin

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Sep 12, 2023, 09:00 ET

Xsolla will be one of the first merchants to accept the new PYUSD payment option

ATLANTA, Sept. 12, 2023 /PRNewswire/ -- BitPay, the world's largest provider of Bitcoin and cryptocurrency payment services, today announced it has rolled out PayPal USD (PYUSD) payments for merchants and consumers. Xsolla will be one of the first merchants to accept PYUSD, enabling their customers to buy any merchandise online using the PayPal stablecoin.

PYUSD is designed to be a cryptocurrency for payments and is issued by Paxos Trust Company. The stablecoin is fully backed by U.S. dollar deposits, short-term U.S. treasuries and similar cash equivalents, and can be redeemed 1:1 for U.S. dollars.

"We are excited to partner with BitPay to offer PYUSD payments to our customers," said Chris Hewish, CEO of Xsolla. "This stablecoin brings an innovative payment solution that aligns with our commitment to provide accessible and secure transaction options. Together with BitPay, we aim to enhance the buying experience for gamers and pave the way for future developments in the cryptocurrency space."

"When adding a new cryptocurrency for merchants to accept we look at many factors, but among the most important is its payment utility and community involvement. Supporting PYUSD encourages mass adoption of cryptocurrency payments from PayPal's enormous customer base," said Stephen Pair, CEO of BitPay.

The update to BitPay merchants and BitPay app holders automatically adds PYUSD to the mix of supported cryptocurrencies. Merchants do not need to make any changes or adjustments in order to accept PYUSD payments. Customers have the option to make payments from their BitPay Wallet, their PayPal Wallet, Metamask, or any compatible Ethereum wallet.

About BitPay
Founded in 2011, BitPay is one of the oldest cryptocurrency companies. As a pioneer in blockchain payment processing, the company's mission is to transform how businesses and people send, receive, and store money. Its business solutions eliminate fraud chargebacks, reduce the cost of payment processing, and enable borderless payments in cryptocurrency, among other services. BitPay offers consumers a complete digital asset management solution that includes the BitPay Wallet and BitPay Card, enabling them to turn digital assets into dollars for spending at tens of thousands of businesses. The company has offices in North America, Europe, and South America and has raised more than $70 million in funding from leading investment firms including Founders Fund, Index Ventures, Virgin Group, and Aquiline Technology Growth. For more information visit bitpay.com.

About Xsolla
Xsolla is a global video game commerce company with a robust and powerful set of tools and services designed specifically for the video game industry. Since its founding in 2005, Xsolla has helped thousands of game developers and publishers of all sizes fund, market, launch and monetize their games globally and across multiple platforms. As an innovative leader in game commerce, Xsolla's mission is to solve the inherent complexities of global distribution, marketing, and monetization to help our partners reach more geographies, generate more revenue and create relationships with gamers worldwide. Headquartered and incorporated in Los Angeles, California, with offices in Berlin, Seoul, Beijing, Kuala Lumpur, Tokyo and cities around the world, Xsolla supports major gaming titles like Valve, Twitch, Roblox, Ubisoft, Epic Games, Take-Two, KRAFTON, Nexters, NetEase, Playstudios, Playrix, miHoYo, and more.