PayPal generated considerable excitement and curiosity when it unveiled its stablecoin PYUSD, which is backed 1:1 by cash and short term government securities. It will be operated by PayPal’s existing crypto partner Paxos, a New York regulated trust company.
Given the current regulatory cloud around crypto, some have questioned why PayPal chose to launch now. It was the first to acquire a crypto custodian (Curv) in 2021 and one of the first incumbent institutions to provide crypto services.
By making its move now, it will likely accelerate U.S. stablecoin legislation.
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