PayPal is now the first U.S. financial firm to launch its own stablecoin. Here's what to know about the dollar-pegged digital token.
On Monday, the online payments service became the first major U.S. financial company to launch its own U.S. dollar-backedUnlike other cryptocurrencies, which derive their value based on how much crypto traders are willing to pay for them at the moment, stablecoins are typically backed by a physical asset, such as commodities like gold or fiat currencies like the U.S. dollar, which help the stablecoin maintain a relatively consistent price.
This isn't PayPal's first foray into crypto. Last year, the company began allowing users to transfer, send and receive a number of popular digital tokens, including bitcoin and ether. PayPal primarily earns revenue by charging merchants a fee for facilitating customers' payments. However, if those customers and merchants began transacting with crypto on the Ethereum blockchain, PayPal wouldn't be able to charge those fees, Malekan tells CNBC Make It.
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PayPal Launches PYUSD Stablecoin: Guide to What We Know So FarU.S.-based fintech heavyweight PayPal becomes first Web2 major to launch its own native USD-pegged stablecoin. On Aug. 7, 2023, American multinational heavyweight PayPal announced the launch of native stablecoin PayPal USD (PYUSD). This is the first time a Web2 major issues digital assets on a public blockchain. Here is what we know about PayPal USD's (PYUSD) design and the opportunities it unlocks for digital money users.
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PayPal’s PYUSD Launch Sparks Flood of Fake Tokens on UniswapFollowing the launch of PayPal's recently announced ERC-20 stablecoin, PayPal USD, a number of fake tokens with the PYUSD ticker have appeared on the decentralized exchange (DEX) Uniswap. These tokens were created on Nov. 8, 2022. Currently, PYUSD/WETH and PYUSD/WBNB are trading pairs on Uniswap that use the PYUSD ticker. PYUSD will only be accessible through PayPal, according to PayPal, which did not say whether it intended to list on other exchanges like Coinbase or Binance.
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Paxos Explores Other 'White Label' Stablecoin Opportunities Besides PayPal USDCrypto infrastructure provider Paxos Trust is already working on other “white label” stablecoin projects similar to PayPal’s new PYUSD. HeleneBraunn reports
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Why PayPal’s Stablecoin Scares Regulators and Could Shake Legislative TalksThe introduction of PayPal's stablecoin, PYUSD, has raised concerns among U.S. financial regulators due to its potential impact on the regulation of stablecoins. This move by PayPal, being the first major financial firm to back its own stablecoin, brings back memories of the controversial Libra project by Facebook. PYUSD is a token pegged to a government-issued currency, designed to maintain a stable value in the volatile cryptocurrency market.
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Bitcoin, Ethereum Technical Analysis: BTC Nears 1-Week High, as Paypal Launches USD Stablecoin – Market Updates Bitcoin NewsBitcoin rebounds as Paypal announces the launch of a USD stablecoin on the ethereum blockchain.
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Huobi Plans to Be First to List PayPal Stablecoin PYUSDPayPal stablecoin PYUSD might go live on Huobi exchange first. Bitcoin (BTC) Dips Below $29,000 Despite Big PayPal News. The emergence of the PYUSD stablecoin changed the game in the Web3.0 ecosystem as it marked the first time a mainstream fintech giant with millions of active users chose to launch a dollar-backed stablecoin. While Huobi's move is proactive, listing PYUSD might prove to be a mutually beneficial venture in the long run.
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