But in the grand scheme of things, PayPal’s project is in a far stronger position politically than the universally mistrusted Libra ever was. Republicans are thrilled that the payments company launched its stablecoin, known as PYUSD, at this moment. The bill’s sponsor, Rep. Patrick McHenry (R-N.C.), chairman of the House Financial Services Committee, called the move a “clear signal that stablecoins — if issued under a clear regulatory framework — hold promise as a pillar of our 21st-century payments system” and made it “more important than ever” to keep moving the legislation forward.
Related posts
-
Stablecoin Issuer Paxos Is Awarded Full Approval in Singapore, DBS to Provide Banking Services, Custody
In a Monday statement, the issuer, whose products include PayPal USD (PYUSD) as well as its... -
Circle Awarded Europe’s First Stablecoin License Under New MiCA Crypto Rules
Cryptocurrency firm Circle has achieved a significant milestone by securing registration as an electronic money institution... -
Circle Snags First Stablecoin License Under EU's New MiCA Crypto Rules
Circle Mint France will issue the euro-denominated EURC stablecoin and USDC in the European Union in...