paypal stablecoin – pressnews

[ad_1] PayPal's stablecoin is likely to succeed where Facebook's failed, thanks to the payment giant's standing in Washington and policymakers' greater understanding of the issues in the last three years.PayPal this month said it was launching PayPal USD, a crypto token pegged to the U.S. dollar, making it the second major global company to launch a stablecoin after Facebook, now Meta Platforms, unveiled Libra in June 2019. The move, which comes as PayPal transitions to a new CEO announced last week, seems risky after Facebook's stablecoin was crushed by political opposition, and as regulators home in on the crypto sector following several meltdowns. But PayPal is in a stronger position than Facebook, said former officials, executives and analysts. Policymakers are more familiar with st...

[ad_1] PayPal Holdings Inc is pausing work on its stablecoin as regulators increase scrutiny of cryptocurrencies and a key partner on the project faces a probe by the New York State Department of Financial Services, Bloomberg News reported on Friday. PayPal had hoped to debut the stablecoin, which will be backed one for one by the dollar, in the coming weeks, Bloomberg reported, citing a person with knowledge of the matter. "We are exploring a stablecoin; if and when we seek to move forward, we will of course, work closely with relevant regulators," a spokesperson for the payments firm said in an emailed statement. The cryptocurrency market is going through a turbulent period as the collapse of some of its biggest players, including FTX, has shaken the faith of investors in what...

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PayPal pauses stablecoin work amid regulatory scrutiny of crypto – Bloomberg News