• PayPal has unveiled the new PYUSD stablecoin, a US dollar-backed cryptocurrency built on top of the Ethereum blockchain.
• The coin is designed to facilitate payments and improve transaction settlements.
• North Carolina Congressman Patrick McHenry has highlighted the need for clear regulations and consumer protections in order for stablecoins to reach their full potential.
PayPal Unveils New Stablecoin
PayPal has announced the launch of a new US dollar-backed stablecoin, PayPalUSD (PYUSD). Built on top of the Ethereum network, PYUSD is designed to facilitate payments and improve transaction settlements.
Buying/Selling through PayPal App
Users will be able to buy, sell, hold and transfer PYUSD through the PayPal app in the coming weeks. In addition, users can convert PYUSD into other cryptos like Bitcoin (BTC) or use it to pay for goods and services.
Need for Regulation & Consumer Protections
In response to PayPal’s announcement, North Carolina Congressman Patrick McHenry has noted that clear regulations and robust consumer protections are essential for stables coins to reach their full potential. He is calling on Congress to pass legislation that provides comprehensive digital asset regulation, especially when it comes to stablecoins.
Bipartisan Progress Towards Regulation
McHenry also mentions progress being made on a bipartisan level towards legislation that will help ensure America leads the future financial system. He believes it is important for Congress to finish this job in order for digital asset innovation in America remain at its forefront.
PayPal’s introduction of PYUSD further underscores the need for regulatory clarity when dealing with cryptocurrencies such as stablecoins . With support from both sides of Congress , there appears to be momentum towards enacting legislation that would provide a much needed framework around digital assets .