PayPal USD News

PayPal’s proposed NFT purchase and transfer system would handle fractionalization, DAOs and royalties through a third-party provider.

PayPal launched its U.S. dollar-backed stablecoin in August 2023.

The total assets held in PayPal USD custody “meet or exceed the token balance,” with total tokens outstanding amounting to $44.4 million as of Aug. 31, a Paxos report states.

PayPal’s stablecoin debut raised hopes for broader adoption and an introduction of cryptocurrencies to the masses. Early adoption trends paint a different picture.

Industry experts explain the benefits and disadvantages of PayPal’s PYUSD stablecoin.

PayPal has launched its own stablecoin, dubbed PayPal USD (PYUSD). The coin is only available to American customers.

Rep. Maxine Waters said she was “deeply concerned” about PYUSD without a proper regulatory framework in place, while Rep. Patrick McHenry said it “hold[s] promise.”

Nearly 30 fake PYUSD tokens cropped up in the wake of PayPal’s most recent announcement.

Proponents say PayPal’s PYUSD could see Ethereum become the money layer of the internet, while opponents argue that it’ll act like a poorly designed central bank digital currency.

Payment processing giant PayPal launched crypto payments in 2020 and has since been actively involved in the sector.