A New Challenger Approaches: PayPal Announces PYUSD, Its Own USD Stablecoin

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(as of 11:00 AM Singapore Time, August 8, 2023) 

As the trading day begins across Asia, traders found Bitcoin (BTC) and Ethereum (ETH) to have continued their trend over the last few weeks, staying strong within their ranges of $29K and $1.8K respectively. Big market movements, including PayPal’s groundbreaking announcement of its very own USD stablecoin, have failed to rock prices of these two market giants.

To expand on that – PayPal last night announced its intention to launch its own USD-pegged stablecoin. The stablecoin is reported to be based on the Ethereum network, and will be available first on PayPal, and will also be usable on Venmo at a later date. The coin will be issued by Paxos Ltd., a crypto financial services firm, and will be backed by dollar deposits, Treasurys, and other cash equivalents.

The news has figures of all stripes bullish on crypto – Republican member of the house Patrick McHenry is quoted by CoinDesk as saying that ‘The announcement is a clear signal that stablecoins – if issued under a clear regulatory framework – hold promise as a pillar of our 21st century payments system.’

This news comes as regulatory action continues against centralized crypto exchanges Coinbase and Binance – the former of which has recently filed a motion to dismiss in its case, while Binance has continued to see success despite its ongoing battle with the US Securities and Exchange Commission.

Overall, the resilience of the crypto community has been extraordinary. Despite continuing battles with regulators in the US, giants like PayPal have continued to move into the industry, while promising small projects continue to crop up across the world.

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