Ethereum

BUSD

PayPal USD

The company says the primary purpose of the cryptocurrency is to facilitate payments in digital environments, particularly in the emerging Web3 landscape. Th token, which can be bought or sold on PayPal’s app or website at $1.00 per PYUSD, aims to enable direct flows to developers and enhance the user experience for online payments. 
The stablecoin is fully backed by liquid assets like U.S. dollar deposits, short-term U.S. Treasurys, and cash equivalents, ensuring stability and redeemability at a 1-to-1 ratio with U.S. dollars. As an ERC-20 token issued on the Ethereum blockchain, it will allow customers to transfer the stablecoin between digital wallets. <a href="https://financefeeds.com/vantage-adds-paypal-and-wins-best-apac-region-broker-at-advfn-awards/" rel="noopener noreferrer nofollow">PayPal</a> USD will be available to consumers, merchants and developers to make person-to-person payments, fund purchases at checkouts, and convert supported cryptocurrencies to and from PayPal USD. 
"The shift toward digital currencies requires a stable instrument that is both digitally native and easily connected to fiat currency like the U.S. dollar. Our commitment to responsible innovation and compliance, and our track record delivering new experiences to our customers, provides the foundation necessary to contribute to the growth of digital payments through PayPal USD," said Dan Schulman, president and CEO, PayPal. 
To issue the stablecoin, PayPal has partnered with <a href="https://financefeeds.com/paxos-expands-regulated-blockchain-infrastructure-in-brazil-and-latam/" rel="noopener noreferrer nofollow">Paxos Trust Company</a>, a New York-based fintech company and stablecoin issuer. The development comes a few months after the New York Department of Financial Services (NYDFS) ordered Paxos to stop minting Binance’s stablecoin BUSD. 
The SEC also plans to sue Paxos for violating investor protection rules. The issuer was already told of the planned enforcement action as the regulator claims that Binance USD is an unregistered security. 
Pasox has refuted the SEC’s claims and noted that it” categorically disagrees with the SEC staff because BUSD is not a security under the federal securities laws.” The company added that the SEC Wells notice pertains only to BUSD and there are no other allegations against its business. 
PayPal is also looking into the launch of a stock-trading platform for US customers after it hired a brokerage industry veteran to head its “Invest at PayPal” division. The payment giant apparently sees value in combining <a href="https://financefeeds.com/paypal-appoints-john-kim-as-chief-product-officer/" rel="noopener noreferrer nofollow">trading and crypto</a> transactions with payments as the integration allows customers of its two-sided network, which includes both PayPal and Venmo, to keep or invest their money within the same ecosystem.

PayPal stock rises after revealing its own cryptocurrency, PayPalUSD

FinanceFeeds

2023년 8월 7일에 게재된 다른 기사

Binance Releases August Report For Proof of Reserves

Singapore’s MAS will Invest up to $111 million in the Fintech Innovation Scheme!

Navigating Ripple’s Next Chapter: Founder of Flare Network Discusses Post-SEC Legal Battle Prospects

Visa to Share CBDC Expertise with Azerbaijan Central Bank

Analyst Urges Traders To Start Stocking Up On Solana (SOL)

Decentralization Dilemma: Unveiling the SEC’s Bias towards Bitcoin and Ethereum

무료 뉴스레터에 가입하여 매일 최신 암호화폐 소식을 받아보세요!