Riding The Wave News Summary 171
PayPal to Issue Dollar-Pegged Crypto Stablecoin Based on Ethereum, Congresswoman Maxine Waters Says She’s ‘Deeply Concerned’ About PayPal’s New Stablecoin, & more
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PayPal to Issue Dollar-Pegged Crypto Stablecoin Based on Ethereum
Congresswoman Maxine Waters Says She’s ‘Deeply Concerned’ About PayPal’s New Stablecoin
SEC Will Appeal XRP Ruling in Case Against Ripple, Regulator Says
Tweets
https://twitter.com/WatcherGuru/status/1689309466187948033
https://twitter.com/WhaleChart/status/1689274460329619461
https://twitter.com/WatcherGuru/status/1689258588626100224
https://twitter.com/WatcherGuru/status/1689016831418179585
https://twitter.com/KobeissiLetter/status/1688916517088591874
https://twitter.com/rektcapital/status/1688839626990002176
https://twitter.com/KobeissiLetter/status/1688746679543971840
https://twitter.com/BitcoinNewsCom/status/1688665649642397696
https://twitter.com/WatcherGuru/status/1688685040337629184
https://twitter.com/WClementeIII/status/1688593421156466689
https://twitter.com/callieabost/status/1687489779154157569
https://twitter.com/WatcherGuru/status/1688565883952656384
https://twitter.com/WatcherGuru/status/1688555629114208256
https://twitter.com/WhaleChart/status/1688538185461092352
https://twitter.com/Mayhem4Markets/status/1688193910948913152
https://twitter.com/therationalroot/status/1688283684334370817
PayPal to Issue Dollar-Pegged Crypto Stablecoin Based on Ethereum
Global payments giant PayPal (PYPL) is entering the cryptocurrency market with its own U.S. dollar-pegged stablecoin, PayPal USD (PYUSD), the company announced on Monday.
The Ethereum-based token will soon be available to PayPal users in the U.S. This is the first time a major financial company is issuing its own stablecoin. Users can transfer PYUSD between PayPal and supported external digital wallets, use the tokens to pay for goods and services or convert any of PayPal's supported cryptocurrencies to and from PYUSD.
PayPal said the stablecoin will be available to an "already large and growing community of external developers, wallets and web3 applications," and can be easily adopted by crypto exchanges.
PYUSD will be issued by New York-based crypto financial-services firm Paxos Trust and will be fully backed by U.S. dollar deposits, short-term Treasuries and similar cash equivalents.
PYUSD will be first available on PayPal and then on its popular Venmo app.
“This announcement is a clear signal that stablecoins — if issued under a clear regulatory framework — hold promise as a pillar of our 21st century payments system,” Rep. Patrick McHenry (R-North Carolina), chair of the House Financial Services Committee, said in a statement.
Congresswoman Maxine Waters Says She’s ‘Deeply Concerned’ About PayPal’s New Stablecoin
Rep. Maxine Waters (D-Calif.) released a statement Wednesday saying she’s “deeply concerned that PayPal has chosen to launch its own stablecoin while there is still no Federal framework for regulation, oversight, and enforcement of these assets.”
PayPal launched its new dollar-backed stablecoin, PYUSD, on Monday, the first time a global payments firm has issued its own stablecoin.
Waters, the top Democrat on the House Financial Service Committee, noted that PayPal has 435 million customers around the world, more than the number of online accounts of all the largest banks combined.
“Given PayPal’s size and reach, Federal oversight and enforcement of its stablecoin operations is essential in order to guarantee consumer protections and alleviate financial stability concerns,” Waters wrote.
The House committee recently approved legislation seeking to set up guardrails for U.S. stablecoins, with several of Waters' fellow Democrats bucking her opposition to vote with Republicans. That bill is now eligible for a floor vote in the House, though it would be unlikely to get a warm welcome from Senate Democrats if approved there.
SEC Will Appeal XRP Ruling in Case Against Ripple, Regulator Says
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