{"id":9822,"date":"2023-08-07T16:36:28","date_gmt":"2023-08-07T16:36:28","guid":{"rendered":"https:\/\/isafespend.com\/investing\/paypal-becomes-first-major-fintech-to-launch-dollar-backed-stablecoin\/"},"modified":"2023-08-07T16:36:29","modified_gmt":"2023-08-07T16:36:29","slug":"paypal-becomes-first-major-fintech-to-launch-dollar-backed-stablecoin","status":"publish","type":"post","link":"https:\/\/isafespend.com\/?p=9822","title":{"rendered":"PayPal becomes first major fintech to launch dollar-backed stablecoin"},"content":{"rendered":"
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\u00a9 Reuters. FILE PHOTO: The PayPal logo is seen at an office building in Berlin, Germany, March 5, 2019. REUTERS\/Fabrizio Bensch\/File Photo<\/span>
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By Jaiveer Shekhawat<\/p>\n

(Reuters) -Payments giant PayPal (NASDAQ:) said on Monday it has launched a U.S. dollar stablecoin, becoming the first major financial technology firm to embrace digital currencies for payments and transfers. <\/p>\n

While stablecoins – crypto tokens whose monetary value is pegged to a stable asset to protect from wild volatility – have been around for years now, they are yet to successfully make headway into the mainstream consumer payments ecosystem. <\/p>\n

PayPal’s announcement, which lifted its shares 2.5% in afternoon trading, reflects a show of confidence in the troubled industry that has over the last 12 months grappled with regulatory headwinds that were exacerbated by a string of high-profile collapses. <\/p>\n

Prior attempts by major mainstream companies to launch stablecoins have met fierce opposition from financial regulators and policymakers. Meta’s, then Facebook (NASDAQ:), 2019 plans to launch a stablecoin, Libra, were foiled after regulators raised fears it could upset global financial stability.<\/p>\n

A string of major economies, from Britain to the European Union, have since laid out rules to govern stablecoins. The EU’s policies will come into force in June 2024.<\/p>\n

Last month, the U.S. House Financial Services committee also advanced a bill to establish a federal regulatory framework for stablecoins, which will focus on rules for the registration and approval process for stablecoin issuers.<\/p>\n

PayPal’s stablecoin, dubbed PayPal USD, is backed by U.S. dollar deposits and short-term U.S Treasuries, and will be issued by Paxos Trust Co. It will gradually be available to PayPal customers in the United States. <\/p>\n

Argus Research Corp analyst Stephen Biggar said PayPal’s brand name makes the stablecoin launch significant but the company has been associated with crypto previously so it’s not a surprise. <\/p>\n

Visa (NYSE:) also said in 2021 it will allow the use of cryptocurrency to settle transactions on its payment network.<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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