PayPal obtains a cryptocurrency trust license in New York

ChainCatcher news, according to Ledger Insights, the New York State Department of Financial Services (NYDFS) has recently granted PayPal Digital a limited purpose trust license, which is typically held by digital asset custodians and stablecoin issuers. Last August, PayPal launched the stablecoin PYUSD, issued by Paxos Trust Company. PayPal's acquisition of the trust license may be aimed at taking over the custody of PayPal customers' crypto assets and shifting stablecoin issuance in-house.