Browsing: Paypal

PayPal has announced that Venmo now accepts its PYUSD stablecoin, according to Cointelegraph. PayPal USD (PYUSD), the company’s stablecoin linked to the U.S. dollar, is now available to Venmo users and will be completely rolled out in the following weeks, according to a blog post from the payment processor on September 20. About six weeks have passed since PayPal first announced the debut of the stablecoin, which is issued by Paxos Trust and entirely backed by U.S. dollar deposits, short-term Treasuries, and other similar cash equivalents. According to PayPal, PYUSD is already available in native cryptocurrency experiences and is continually…

William Quigley, a co-founder of Tether, told CoinDesk that he thinks that rather than innovation, PayPal’s recent foray into the stablecoin market with its PYUSD token is mostly motivated by the possibility of cost savings on multicurrency transactions. The corporation has been investigating stablecoins for seven or eight years, according to Quigley, a PayPal investor, with the aim of lowering the expenses related to financial intermediaries in the payments sector. PayPal can tokenize the currency backed by these deposits by creating a stablecoin that it holds in a basket of currencies in banks all over the world. This eliminates the…

Senator Cynthia Lummis’s quest for truthful legislation in the crypto space has been openly supported by James A. Murphy, a famous legal figure and the founding father of Metalawman. This expansion could have a significant impact on the ongoing cryptocurrency debates. In a notable move, James A. Murphy announced his entire support for Senator Lummis on Twitter. He emphasized her Amicus Transient, which supports Coinbase’s campaign to ignore the SEC’s criticism of them. Murphy discussed Senator Lummis’ involvement as a co-sponsor of the Lummis-Gillibrand crypto regulatory bill in a brief but powerful tweet. This approved expansion is the result of…