Summary: Users can add PayPal USD (PYUSD), a stablecoin initiative by PayPal issued on the Ethereum blockchain, to their MetaMask or other Web3 wallets. This post outlines a step-by-step guide to adding PYUSD by using the verified contract address found on the PYUSD Etherscan page.
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Can I Add PayPal USD to MetaMask?
Yes, you can add the PayPal USD (PYUSD) token to your MetaMask, Coinbase or alternative Web 3 wallet by adding the verified contract address to your wallet. The PYUSD stablecoin is currently only issued on the Ethereum blockchain, which means that users will only be able to find and add the ERC-20 version of Paypal’s new token.
How to Add PYUSD to MetaMask
When adding PayPal USD (PYUSD) to your MetaMask Wallet, users must find the official contract address on the PYUSD Etherscan page. With this method, users can easily copy the full token address and manually add it to their wallet.
Here's a step-by-step guide to help you add PYUSD to your MetaMask Wallet:
- Look Up PYUSD on Etherscan: Go to Etherscan's website and search for PayPal USD. This is where you'll find the verified contract address. Make a note of it, as you'll need it in the next step.
- Open Your MetaMask Wallet: Click on the MetaMask icon in your browser. Then click the 'Assets' tab and find the 'Add Token' button. Click it.
- Choose to Add a Custom Token: A window will appear with a 'Custom Token' option. Click on that, and you'll see a field for the 'Token Contract Address'. Paste the PYUSD contract address from Etherscan into that field. The other details will fill in by themselves.
- Review and Confirm: You'll see a 'Next' button. Click it, check everything to ensure it's correct, and then click 'Add Tokens'.
- Check That PYUSD Is Now in Your Wallet: Finally, look under the 'Assets' section in your MetaMask Wallet. You should see PayPal USD (PYUSD) listed there.
What is PayPal USD (PYUSD)?
PayPal USD (PYUSD) is a groundbreaking stablecoin initiative by PayPal, bridging the traditional financial world with the dynamic realm of web3. Issued by the Paxos Trust Company and anchored on the Ethereum blockchain as an ERC-20 token, PYUSD ensures a 1:1 parity with the U.S. dollar, backed by assets like U.S. Treasuries.
This digital currency not only facilitates swift and seamless transactions but also promises to enhance virtual payments, remittances, and international transfers. With a commitment to transparency, Paxos will provide regular insights into the reserves backing PYUSD, ensuring trust and credibility in this digital asset.
Is Holding PayPal USD on MetaMask Safe?
MetaMask is a prominent Ethereum wallet recognized for its robust security features. Holding PayPal USD (PYUSD) on MetaMask is generally considered safe, provided the user implements vital security measures.
These precautions include safeguarding private keys offline, periodically updating passwords, and exercising caution with potentially harmful links. While MetaMask has a reputation for security, the inherent risks associated with cryptocurrencies, such as hacking, theft, or loss of funds, still apply.
You can add PayPal USD (PYUSD) to MetaMask by finding the official contract address on the PYUSD Etherscan page and manually adding it to your wallet. Issued on the Ethereum blockchain as an ERC-20 token, PYUSD bridges traditional finance with web3, backed 1:1 with the U.S. dollar. Holding PYUSD in MetaMask is considered safe with proper security precautions.