Aug 9, 2023

PayPal USD (PYUSD), the latest stablecoin pegged to the U.S. dollar, will be an Ethereum-based token offered to the company’s online-payments customers before expanding to PayPal’s Venmo app.

Video transcript

On the paypal announcement. Um you know, this is a major step. It is, as you note the first time a a uh traditional finance company has launched its own stable coin. Frankly, it's also to me, one of the first times that a traditional financial company have said, we think this technology has value outside of crypto. You know, we've seen Fidelity Black Rock and others say we want to enter this space, they're entering it to make crypto available to their customers as an investment paypal is saying we think this technology could be beneficial in payments more generally. And so I think that's a good thing. I think frankly paypal's move might also create more momentum toward creating a regulatory framework.

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