PayPal's PYUSD dollar stablecoin (2023)
PayPal issued PYUSD, a dollar-pegged stablecoin on Ethereum, making a major payments firm the issuer of its own digital dollar for merchants and consumers.
PYUSD grew into one of the larger stablecoins and pushed dollar tokens into mainstream checkout flows.
It showed that established finance could both issue and hold dollar-backed tokens, blurring the line between traditional money and crypto.
Standard Chartered's RLUSD custody extends the same logic to the banking side: a top-tier bank, not just a fintech, holds a stablecoin for clients.
