Paypal to issue dollar-pegged crypto stablecoin based on Ethereum
PayPal, the payments behemoth valued at over $71 billion, is making a big move into the crypto world with the launch of #PYUSD - a new stablecoin pegged to the US dollar.
With its unrivaled scale processing an estimated $1.36 trillion in payments annually (2022), PayPal is betting that #PYUSD could rapidly become a dominant player in the stablecoin market.
Paypal is initially rolling it out #PYUSD only in the US through Venmo. This is just another way for banked Americans to transact with some digital representation of the US dollar.
For now, #PYUSD appears targeted more at financial institutions -to exploit and use- rather than consumers. The use cases for regular PayPal users are uncertain beyond minor improvements in transaction speed. Even so, #PYUSD is an important step in bridging traditional finance to blockchain tech.
#PYUSD threatens the top stablecoins Tether (USDT) and Circle (USDC) if it gains traction, but must still demonstrate real demand. The competition will intensify if #PYUSD succeeds.
The big question is if #PYUSD is an innovation or just a repackaging of existing offerings Show Less
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