PayPal and Paxos's promising stablecoin is lagging behind its rivals. PYUSD circulation has dropped, and new partnerships and integrations are rare and far from impressive.
Prompted by high interest rates and competition, stablecoins that earn yield are on the rise. Are they a fad or the new normal of the largest crypto-asset class?
Prompted by high interest rates and competition, stablecoins that earn yield are on the rise. Are they a fad or the new normal of the largest crypto-asset class?
PayPal and Paxos's promising stablecoin is lagging behind its rivals. PYUSD circulation has dropped, and new partnerships and integrations are rare and far from impressive.
On Monday, online payments processor PayPal announced the launch of its long-promised dollar-pegged stablecoin. The token was originally expected in Q1 2023, but was delayed following an SEC notice against issuing partner Paxos.
Bank of America has highlighted the tokenization of real-world assets, including funds, equities, and commodities such as gold, as a “key driver of digital asset adoption.”
Paxos will increase the share of its USDP stablecoin in Maker's DAI Peg Stability Module (PSM). To facilitate this Paxos will transfer MakerDAO 45% of the income it gets from its own reserves on the deposited coins.
