{"id":179726,"date":"2023-08-08T07:39:02","date_gmt":"2023-08-08T07:39:02","guid":{"rendered":"https:\/\/precoinnews.com\/?p=179726"},"modified":"2023-08-08T07:39:02","modified_gmt":"2023-08-08T07:39:02","slug":"crypto-community-weighs-in-on-paypals-stablecoin","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/ethereum\/crypto-community-weighs-in-on-paypals-stablecoin\/","title":{"rendered":"Crypto Community Weighs In on PayPal's Stablecoin"},"content":{"rendered":"

PayPal\u2019s Groundbreaking Announcement<\/strong><\/p>\n

Yesterday, PayPal Holdings, Inc., a dominant force in the digital payments realm, unveiled its Ethereum-based stablecoin, PayPal USD (PYUSD). This strategic move is a testament to PayPal\u2019s ambition to further penetrate the burgeoning world of Web3 and digital-centric payments.<\/p>\n

According to the details shared by PayPal, PYUSD is anchored by a mix of assets, including U.S. dollar deposits and short-term U.S. Treasuries. Paxos Trust Company, the entity behind the stablecoin\u2019s issuance, assures a 1:1 exchange rate with the U.S. dollar. This venture is PayPal\u2019s strategic response to the rising significance of stablecoins in the digital payments landscape. In the ensuing weeks, PayPal plans to roll out a suite of features for eligible U.S. customers, encompassing the transfer of PYUSD between PayPal and external wallets, person-to-person payments, PYUSD-based purchases, and seamless conversions between PYUSD and other cryptocurrencies.<\/p>\n

Dan Schulman, PayPal\u2019s President and CEO, emphasized the growing demand for a stable digital currency that can effortlessly integrate with traditional fiat currencies. Schulman exudes confidence in PayPal\u2019s potential to lead the digital payments evolution, given its commitment to innovation and regulatory compliance.<\/p>\n

Crypto Community\u2019s Take<\/strong><\/p>\n

Chairman Patrick McHenry (NC-10)<\/em>: The House Financial Services Committee Chairman, McHenry, underscored the importance of a clear regulatory framework for stablecoins. He believes that with the right regulations, stablecoins could become a pivotal part of the 21st-century payment system.<\/p>\n

Paxos<\/em>: Celebrating the partnership, Paxos emphasized the groundbreaking nature of PYUSD and its potential to redefine the financial industry.<\/p>\n

Ryan Sean Adams, Crypto Investor and Entrepreneur<\/em>: Adams expressed his astonishment at the evolution of the crypto space, emphasizing the significance of PayPal\u2019s stablecoin\u2019s Ethereum contract address.<\/p>\n

Sasha Hodder, Crypto Lawyer<\/em>: After delving into the PayPal USD terms of service, Hodder highlighted the full KYC requirements, Paxos\u2019 role in custody, and PayPal\u2019s authority over transactions. Hodder drew a comparison between the censorship capabilities of a CBDC and PayPal\u2019s stablecoin.<\/p>\n

Ryan Selkis, Messari Founder and CEO<\/em>: Selkis viewed the launch as monumental, especially in light of the ongoing advancements in stablecoin legislation and the challenges faced by the SEC in court.<\/p>\n

Jameson Lopp, CEO of Casa<\/em>: Lopp reminisced about PayPal\u2019s past actions, particularly highlighting how the company inadvertently showcased Bitcoin\u2019s value by shutting down WikiLeaks\u2019 account a decade ago.<\/p>\n

Charlie Shrem, Bitcoin Advocate<\/em>: Offering a bullish prediction, Shrem suggested that PayPal\u2019s stablecoin launch could expedite Bitcoin\u2019s price surge and Ethereum\u2019s growth trajectory.<\/p>\n

Featured Image Credit:\u00a0Photo \/ illustration\u00a0by\u00a0AgelessFinance\u00a0via\u00a0Pixabay<\/em><\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

PayPal\u2019s Groundbreaking Announcement Yesterday, PayPal Holdings, Inc.,<\/p>\n","protected":false},"author":3,"featured_media":179725,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[48],"tags":[],"yoast_head":"\nCrypto Community Weighs In on PayPal's Stablecoin - Pre Coin News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/precoinnews.com\/ethereum\/crypto-community-weighs-in-on-paypals-stablecoin\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Crypto Community Weighs In on PayPal's Stablecoin - Pre Coin News\" \/>\n<meta property=\"og:description\" content=\"PayPal\u2019s Groundbreaking Announcement Yesterday, PayPal Holdings, Inc.,\" \/>\n<meta property=\"og:url\" content=\"https:\/\/precoinnews.com\/ethereum\/crypto-community-weighs-in-on-paypals-stablecoin\/\" \/>\n<meta property=\"og:site_name\" content=\"Pre Coin News\" \/>\n<meta property=\"article:published_time\" content=\"2023-08-08T07:39:02+00:00\" \/>\n<meta name=\"author\" content=\"mediabest\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/precoinnews.com\/wp-content\/uploads\/2023\/08\/Crypto-Community-Weighs-In-on-PayPals-Stablecoin.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"mediabest\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/precoinnews.com\/ethereum\/crypto-community-weighs-in-on-paypals-stablecoin\/\",\"url\":\"https:\/\/precoinnews.com\/ethereum\/crypto-community-weighs-in-on-paypals-stablecoin\/\",\"name\":\"Crypto Community Weighs In on PayPal's Stablecoin - 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