News

PayPal Introduces A Stablecoin That’s Pegged With US Dollar

PayPal USD can be used to make purchases or pay other users.

Published

3 years ago

August 8, 2023

paypal introduces a stablecoin that's pegged with us dollar

Almost three years after adding cryptocurrency support for all US accounts, PayPal has launched its own stablecoin pegged against the US dollar. The new coin, known as PayPal USD, is “100 percent backed by US dollar deposits, short-term US Treasuries and similar cash equivalents,” according to the company.

PayPal went on to explain that its coin is issued on the Ethereum blockchain by the Paxos Trust Company, which is overseen by the New York State Department of Financial Services. The company also obtained a BitLicense from the NYDFS in June 2022.

PayPal USD coins can be bought and sold for $1 each. The currency can be used to purchase goods and services by selecting the option during any checkout session with PayPal. Users can also transfer the new cryptocurrency to external wallets or convert them to other coins in their accounts.

Also Read: A Guide To Digital Payment Methods In The Middle East

In a recent interview with Reuters, Ian Katz, managing director of Capital Alpha Partners, noted that the stablecoin could soon be in the sights of the Federal Reserve and the Securities and Exchange Commission. Time will tell if the company’s crypto venture can become a success.

News

Microsoft Plans $10 Billion-Plus Gulf Expansion Despite Iran Conflict

Security is shaping Microsoft’s approach, from resilience work with governments to what it will say about how the money splits by country.

Published

4 days ago

September 24, 2026

Nour Nasir

Microsoft

Microsoft is planning more than $10 billion of investment across the UAE, Saudi Arabia, Qatar and Kuwait through 2030, Vice Chair and President Brad Smith told Reuters, calling the spending schedule aggressive. The Iranian conflict that began on February 28 has not persuaded the company to scale back.

“We’re sustaining all the investments we planned to make before this conflict started, and we are in fact adding to them,” Smith said. The $10 billion-plus total does not, however, show how large those additions are.

The investment, which Smith described as part of Microsoft’s continued infrastructure expansion, is aimed at cloud and AI infrastructure and at the company’s growing regional operations. Microsoft also intends to put more than $400 million into subsea and terrestrial connectivity across the Middle East by 2030.

The spending fits the region’s own ambitions too. Gulf governments have been investing heavily in AI infrastructure as part of a push to diversify their economies beyond oil and gas and turn themselves into global technology hubs. Major cloud and AI providers have been drawn in part by the land and relatively low-cost energy on offer.

Microsoft is widening its partnerships with regional AI companies, though not on identical terms. In 2024, it invested $1.5 billion in Abu Dhabi-based G42 for a minority stake, and Smith currently sits on G42’s board. Saudi Arabia’s Humain and Qatar’s Qai are working with Microsoft on selected priority areas, but Smith said the company does not plan to make capital investments in either.

Also Read: Egypt’s Mobile Wallets Are Booming, But Cash Still Has Power

The conflict has added another strand to Microsoft’s work in the region. Since it began, Smith said, the company has supported regional partners with digital resilience assessments, and it is now working with Gulf countries through a digital resilience initiative focused on preparedness and the protection of critical data.

So far, the company has given no country-by-country breakdown of the investment, citing security among other factors. So while the headline figure is public, how Microsoft divides the spending among the four countries is not.