PayPal USD News

Payments giant PayPal said in a regulatory filing that its PayPal USD stablecoin is no longer in the SEC's crosshairs.

PayPal will offer a 3.7% yield on PYUSD to boost usage, with monthly rewards paid in the stablecoin, according to a Bloomberg report.

Stablecoins have ballooned into a $230-billion industry, which is equivalent to more than 1% of the US money supply.

Klarna, a Swedish payments firm with 85 million users, is reportedly eyeing a US initial public offering — and its CEO is looking for ideas on how it can integrate digital assets.

The move is designed to expand access to PYUSD in Asian and African markets, PayPal said.

Trading platforms and regulators are increasingly embracing cryptocurrency as collateral for trades. 

As part of the program, developers can apply for up to $60,000 in grant funding to support their projects.

PayPal deepens its push into PYUSD for business transactions, making its first payment using the stablecoin.

In 2020, PayPal began allowing individual retail customers to buy, sell, and hold crypto directly from their PayPal and Venmo accounts.

Stablecoin issuer Circle expects internet payment firms and other financial services companies will attempt to enter or expand in the space.

It’s Circle’s latest effort to embed USDC into Arbitrum, a hub for DeFi, and to compete with Tether’s USDT.

Crypto hacks may surpass 2023’s record, with $1.2 billion already stolen, and Celsius is finally beginning to repay its creditors.

PYUSD is competing with rivals such as Circle’s USDC and Tether’s USDT.

Institutional crypto custodians like Coinbase offer competing rewards programs. 

Circle CEO Jeremy Allaire revealed four of the biggest reasons he’s “more optimistic” about crypto and stablecoins than ever before.