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PYUSD is competing with rivals such as Circles USDC and Tethers USDT.
In today's news recap, GCash has added a new stablecoin on the GCrypto platform.
PayPal USD (PYUSD), issued by Paxos, is now available on Crypto.com Pay, enhancing utility for millions of users. (Read More)
Paxos will partner with Southeast Asias largest bank, DBS, for the stablecoin launch.
The switch from Ethereum to Solana could offer $PYUSD traders on PDAX lower fees and faster transactions.
The speed and scalability of Solana makes PYUSD accessible, cost-effective and instantaneous, facilitating an array of use cases.
Solana could emerge as a leading blockchain for payment institutions. Is a Solana-based ETF next?
MoonPay noted that PayPal is the third-most commonly used payment option in the United States, behind Apple Pay and traditional bank cards.
Learn how PYUSD works, its benefits and how to buy, use and store this dollar-backed digital currency.
PayPal wants to take advantage of Solana's fast transaction speed and reduced cost. That, and more news in today's daily recap.
PayPals PYUSD stablecoin is now available on Solana and Ethereum, offering a chain-agnostic experience for its users.
Despite Circles rising transaction count, Tethers USDT still accounts for over 68% of the entire stablecoin market.
In the last day, the global trading volume has hit $203 billion, with stablecoins accounting for an impressive $133 billion of that total. Among the array of stablecoin assets tied to the U.S. dollar, Paypal’s PYUSD has emerged as a top ten player. Yet, despite the ongoing cryptocurrency market upswing, PYUSD has shown minimal activity [...]
The post Despite Crypto Uptick, Paypals PYUSD Stays Quiet in the Top Ten Stablecoin Race appeared first on Crypto Breaking News.
The initiative, which integrates PayPals Xoom service, aims to offer faster and more affordable cross-border remittance options for Filipinos.
The partnership is designed to expand access to PYUSD in Asian and African markets, PayPal said.
PayPal USD (PYUSD) will now facilitate cross-chain transfers between Ethereum and Solana through Wormhole, enhancing stablecoin transactions and interoperability. (Read More)
PayPal USD (PYUSD) will now support native cross-chain transfers between Ethereum and Solana through Wormhole, enhancing stablecoin transactions without token wrapping. (Read More)
Earlier this week, popular American payment giant Paypal unveiled the launch of its USD-pegged PYUSD stablecoins to investors. In response, Democrat congresswoman Maxine Waters has raised palpable concerns that may or may not threaten the stablecoin’s operations. Waters Raises Regulatory Concerns Reacting to the news of Paypal’s PYUSD stablecoin launch, congresswoman Maxine Waters noted that the launch comes at a time when there was no legislative mechanism to regulate these assets. She stated that “given PayPal’s size and reach, federal oversight and enforcement of its stablecoin operations is essential in order to guarantee consumer protections and alleviate financial stability concerns.” She further noted that “stablecoins represent the issuance of a new form of money, making it integral that there are federal guardrails.” Related Reading: Solana Beats Out Ethereum To Emerge As Best Performer In Terms Of TVL Waters’ recent comments are in contrast with those of the House Financial Services Committee Rep. Patrick McHenry, who had earlier lauded PayPal’s launch. According to him, the recent announcement was “a clear signal that stablecoin, if issued under a clear regulatory framework, holds promise as a pillar of our 21st century payment system” Last month, the US House Financial Services Committee also introduced a bill to set up a federal regulatory framework for stablecoins, focusing on guidelines for registration and licensing for stablecoin issuers. Although stablecoins have been around for several years, they have not been able to enjoy significant attention within the mainstream consumer payment ecosystem. Similar efforts by popular non-cryptocurrency firms, such as Meta Platforms, to launch stablecoin services faced harsh resistance from policymakers and global financial regulators. In the face of regulatory uncertainty, it is always critical whenever a lawmaker has something to say about virtual currencies. PYPL price remains volatile amid regulatory concerns | Source: PayPal Holdings, Inc. on Tradingview.com PayPal To Expand Into The Growing Stablecoin Industry According to a report published on August 9 by popular market analyst Bernstein, the stablecoin industry is projected to reach a $2.8 trillion valuation in the next five years. This represents a whooping 22x increase from the present $125 billion valuation of the industry, and PayPal is looking to take advantage of this expected increase through its recent release of the PYUSD stablecoin. Related Reading: Billionaire Investor Wishes He Bought Bitcoin Early On, Here’s Why The leading payment giant revealed that the stablecoin will be “100% backed by US dollar deposits, short-term US Treasuries, and similar cash equivalents.” The coins will be redeemable 1:1 for US dollars and issued by US-based Paxos Trust Co. Consumers will also be able to convert any crypto supported by PayPal to and from PayPal USD (PYUSD). However, aside from the current legislative tussle, PayPal will also face competition from existing players such as Tether and Circle. Tether’s USDT and Circle’s USDC are the largest stablecoins, with market caps of over $83 billion and $26 billion, respectively. Featured image from Unsplash, chart from Tradingview.com
The payment processor's stablecoin provided an attractive opening for mailicious actors to take advantage of unsuspecting traders.
Concerns have risen around PayPal’s new stablecoin, PYUSD.
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