Former CFTC Chairman: PayPal's stablecoin has value beyond cryptocurrency
ChainCatcher news, former chairman of the Commodity Futures Trading Commission (CFTC) Timothy Massad stated that this is the first time a traditional financial company has launched its own stablecoin, and the debut of PayPal's stablecoin indicates that the technology "has value beyond crypto." PayPal stated, "We believe this technology could be beneficial for broader payments."
ChainCatcher previously reported that PayPal Holdings Inc. announced the launch of its dollar stablecoin PayPal USD (PYUSD) for transfers and payments. This stablecoin is issued by Paxos Trust Co., fully backed by dollar deposits, short-term government bonds, and similar cash equivalents, and will be gradually made available to PayPal's U.S. customers.
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