PayPal is rolling out a new crypto payment tool that will allow US merchants to receive payments with more than 100 cryptocurrencies.
PayPal USD News
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Agora, founded by Nick van Eck, aims to boost adoption of its white-label stablecoin platform with $50 million from Paradigm and Dragonfly.
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Stablecoins are now the “default settlement layer for the internet,” surpassing Visa and Mastercard in onchain transaction volume.
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Crypto financial services firm Anchorage Digital has bolstered its stablecoin offerings with the acquisition of stablecoin issuer firm Mountain Protocol.
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Payments giant PayPal said in a regulatory filing that its PayPal USD stablecoin is no longer in the SEC's crosshairs.
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PayPal will offer a 3.7% yield on PYUSD to boost usage, with monthly rewards paid in the stablecoin, according to a Bloomberg report.
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Stablecoins have ballooned into a $230-billion industry, which is equivalent to more than 1% of the US money supply.
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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.
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The move is designed to expand access to PYUSD in Asian and African markets, PayPal said.
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Trading platforms and regulators are increasingly embracing cryptocurrency as collateral for trades.
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As part of the program, developers can apply for up to $60,000 in grant funding to support their projects.
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PayPal deepens its push into PYUSD for business transactions, making its first payment using the stablecoin.
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In 2020, PayPal began allowing individual retail customers to buy, sell, and hold crypto directly from their PayPal and Venmo accounts.
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Stablecoin issuer Circle expects internet payment firms and other financial services companies will attempt to enter or expand in the space.
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It’s Circle’s latest effort to embed USDC into Arbitrum, a hub for DeFi, and to compete with Tether’s USDT.
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