LianGuai Observation | Four Key Points to Help You Understand LianGuai’s PYUSD, a Stablecoin pegged to the US Dollar
LianGuai Observation | Key Points on LianGuai's PYUSD Stablecoin
LianGuai Blockchain News on August 7th, global payment giant LianGuaiyLianGuail announced the launch of a USD-denominated stablecoin, LianGuaiyLianGuail USD (PYUSD). The stablecoin is backed 100% by USD deposits, short-term US Treasury bonds, and similar cash equivalents. It can be exchanged for USD at a 1:1 ratio and is issued by LianGuaixos Trust Company.
According to LianGuaiyLianGuail’s disclosure, eligible customers will be able to:
Transfer LianGuaiyLianGuail USD between LianGuaiyLianGuail and compatible external wallets without any fees, and also transfer to Ethereum wallet addresses that accept PYUSD.
Use PYUSD for P2P payments directly on the LianGuaiyLianGuail application and website, buy and sell PYUSD, and use the exchange function of LianGuaiyLianGuail to purchase other supported cryptocurrencies.
Select to use LianGuaiyLianGuail USD for consumption at checkout.
Convert between any cryptocurrencies supported by LianGuaiyLianGuail.
Next, let’s answer your questions about PYUSD with four key points.
1. What is PYUSD?</p>
LianGuaiyLianGuail USD is a stablecoin fully backed by USD deposits, US Treasury bonds, and similar cash equivalents. It can be bought and sold at a price of 1 USD for 1 PYUSD on LianGuaiyLianGuail.
Stablecoins are cryptocurrencies that have a stable value relative to a reference asset, such as the USD. They provide inclusive and wide access to the financial system and enable fast and efficient fund transfer. Stablecoins are programmable and provide developers with a useful digital currency that can be built into public blockchains and help bridge the traditional economy with the Web3 economy.
2. How to start using PYUSD?
Currently, LianGuaiyLianGuail USD is available to eligible US LianGuaiyLianGuail accounts, and users can purchase PYUSD through the app and website.
3. Is there a fee for using PYUSD?
There is no fee for buying, selling, holding, or transferring PYUSD to eligible US LianGuaiyLianGuail accounts. However, there may be fees for converting PYUSD to other cryptocurrencies.
4. How transparent is PYUSD?
Starting from September 2023, LianGuaiyLianGuail will release monthly reserve reports for LianGuaiyLianGuail USD, outlining the composition of the reserve assets backing this stablecoin. In addition, LianGuaiyLianGuail will also provide third-party audits of the reserve asset value of LianGuaiyLianGuail USD, which will be conducted by independent accounting firms in accordance with the auditing standards established by the American Institute of Certified Public Accountants (AICPA).
With regards to its issuance purpose, LianGuaiyLianGuail aims to create PYUSD as a legal currency and a bridge between consumers, merchants, and developers in the Web3. LianGuaiyLianGuail USD will seamlessly connect fiat currency and digital currency for consumers, merchants, and developers. As the only supported stablecoin within the LianGuaiyLianGuail network, LianGuaiyLianGuail USD can greatly enhance usability by leveraging its rich experience in payments combined with the speed, cost, and programmability of blockchain protocols.
Furthermore, LianGuaiyLianGuail USD is designed to reduce friction in payments for inexperienced users in virtual environments, facilitate fast value transfer to support friends and family, remittances, or international payments, and enable direct flows to developers and creators, thereby promoting the continuous expansion of digital assets.
Moreover, as an ERC-20 token issued on the Ethereum blockchain, LianGuaiyLianGuail USD can not only be deployed within the LianGuaiyLianGuail ecosystem but also easily utilized by the growing community of external developers, wallets, and Web3 applications, and be adopted by exchanges.
Some content in this article is compiled from the official website of LianGuaiyLianGuail.