Tag: Stablecoin

US official calls for stablecoin law amid PayPal’s PYUSD launch

Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied Representative Patrick McHenry, the US House Financial Services Committee chair, endorsed PayPal’s stablecoin, PYUSD, as a key pillar for modern payments. The endorsement was given on Aug. 7, shortly after PayPal announced the stablecoin launch in partnership with Paxos. In his statement, McHenry emphasized that PayPal’s stablecoin, issued under a clear regulatory framework, holds significant potential for the US financial ecosystem. This comes amid the Financial Services Committee’s effort to enact the Clarity for Payment Stablecoins…

PayPal’s PYUSD Launch Triggers Calls For Stablecoin Bill

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United States Republican Patrick T. McHenry, Chair of the House Financial Services Committee, has released a statement calling for the need to pass the Stablecoin Bill in the wake of PayPal’s launch of its own stablecoin PYUSD.  The Call For A Stablecoin Law According to the statement, McHenry believes stablecoins are the “pillar of our 21st-century payments system.” However, they must be regulated to reach their full potential.   Part of the statement read: This announcement [Paypal’s PYUSD Launch] is a clear signal that stablecoins—if issued under a clear regulatory framework—hold…

PayPal stablecoin launch sparks wave of fake PYUSD tokens

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Less than 16 hours have passed since the launch of PayPal’s new stablecoin (PYUSD), and opportunists, degens and potential scammers are already attempting to cash in on the hype with their own copycat tokens. According to data from decentralized exchange scanner DexScreener, nearly 30 new token pairs sporting the ticker “PYUSD” have cropped up in the 16 hours since the announcement. Today, we’re unveiling a new stablecoin, PayPal USD (PYUSD). It’s designed for payments and is backed by highly liquid and secure assets. Starting today and rolling out in the…

PayPal’s Regulated Stablecoin Is a ‘Watershed Moment’ in Crypto Space, Says Paxos

In terms of those rules, a big one is the removal of bankruptcy risk, Hessert said. “Customers’ assets are protected, including if Paxos were to go bankrupt – a situation we now see with a bunch of companies in crypto. If you can end up sitting in line as a general creditor of a private company that issued you a stablecoin, that’s not as good as a physical dollar,” he said. Source CryptoMomentPaxosPayPalsRegulatedSpaceStablecoinWatershed CryptoX Portal

PayPal’s (PYPL) Stablecoin Debut, Worldcoin’s Kenyan Hurdles, and More

In today’s crypto news roundup, we delve into a series of significant events that have shaped the digital currency landscape. From PayPal’s groundbreaking entry into the stablecoin market to regulatory challenges faced by Worldcoin in Kenya, the crypto world continues to be a blend of innovation and controversy. Meanwhile, Huobi grapples with rumors and a dip in stablecoin reserves, and Curve Finance showcases resilience by recovering a majority of its hacked funds. Join us as we unpack these pivotal moments, offering insights for both crypto enthusiasts and traditional finance observers.…

5 Questions About PayPal’s Ethereum-Based Stablecoin (PYUSD)

In reality, PayPal would probably just not allow that (since, let’s face it, this stablecoin is not even pretending to be decentralized), but if getting frozen funds out of PayPal develops as a genuine use case for PYUSD then the benefit of the virtuous cycle of an oppressive banking system will accrue to PayPal (and the consumer with the frozen funds, but to PayPal too). Source