Paxos Has Other 'White Label' Stablecoin Opportunities in the Works in Addition to PayPal USD

Crypto infrastructure provider Paxos Trust is already working on other stablecoin projects similar to PayPal’s new PYUSD, said Paxos’ head of strategy Walter Hessert on CoinDesk TV on Tuesday.

When asked whether Paxos, which issues PYUSD for PayPal, has previously spoken with Elon Musk and X (formerly Twitter) about developing a stablecoin for the platform, Hessert didn’t answer the question directly and simply said that more projects are underway.

“We have other white label stablecoin opportunities in the works,” Hessert said on CoinDesk TV on Tuesday.

Read more: What Is a Stablecoin?

“Paxos has talked with a lot of the largest technology and financial services companies about stablecoins, integrating stablecoins, launching white label stablecoins in some cases, and we think that there’s going to be a lot of really exciting followers here to PayPal,” he said.

The launch of PYUSD signals a seminal moment for the digital asset industry, Hessert said, as it brings a new level of trust to users by being fully regulated and protected from bankruptcy, thus allowing it to be used for cross-border payments or consumer payments and settlements, among other uses.

“Now we can actually see those use cases come to life because it’s being put into products that people are using every day and it’s being presented in a way users can trust,” Hessert said.

Paxos is specifically focused on working with partners that have the ability to “move the needle” on mass adoption of blockchain products, such as PayPal, according to Hessert.

PayPal has been allowing users to buy,sell, and hold crypto assets for several years. The company oversaw $1.36 trillion in total payment volume and conducted over 22 billion payments transactions in 2022, according to its website, making it one of the largest financial services companies in the world.