1. BITBILIHome
  2. Article

Crypto.com to list PayPal USD

• 133 views

TL;DR Breakdown

  • PayPal introduced the PYUSD stablecoin, leading to listings on crypto exchanges like Crypto.com.
  • PYUSD, backed by U.S. dollars, aims to enable efficient transfers but faces concerns over backing and fees.
  • PayPal suspended UK customers’ crypto purchases to comply with new regulations while existing holdings remain accessible.

Description

PayPal payment company made waves by becoming the first major player in fintech to introduce the PYUSD stablecoin. As a result of the buzz surrounding it, many crypto exchanges are adding the stablecoin to their platform. The latest on the list is Crypto.com. The platform has decided to be part of the early listing of … Read more

PayPal payment company made waves by becoming the first major player in fintech to introduce the PYUSD stablecoin. As a result of the buzz surrounding it, many crypto exchanges are adding the stablecoin to their platform.

The latest on the list is Crypto.com. The platform has decided to be part of the early listing of the stablecoin. The crypto platform announced today that it will list PayPal USD (PYUSD) on its platform. According to the announcement, deposits of PYUSD have been enabled, with trading coming soon, thus, joining the list of 250+ supported cryptocurrencies and stablecoins on the crypto exchange. 

However, since the announcement, Crypto.com’s wallet shows interaction with the PYUSD contract. At the moment, the contract and the Paxos Treasury hold about 99 percent of the total supply, with the remainder used in test transactions. As of the time of writing, there are 42 holders and a total of 242 transfers. 

PayPal USD stablecoin, backed by U.S. dollar deposits, is an ERC-20 token issued by Paxos  Trust Company on the Ethereum blockchain network. The coin’s use cases include enabling fast and efficient money transfers. It is also programmable and created to link traditional finance and Web3. 

BitMart and ByBit are also part of the crypto exchanges that have recently listed PayPal’s USD.

PayPal faces challenges 

Despite the buzz around PYUSD, There has been a lot of discussion among industry experts about PayPal USD (PYUSD) and its potential technical and efficiency issues. Some have raised concerns about the true backing of the US dollar and the high transaction fees associated with PYUSD. These concerns have led to doubts about PayPal’s ability to issue a stablecoin effectively.

Recently, the Financial Conduct Authority (FCA) in the UK implemented stricter rules for the cryptocurrency market. Due to these strict rules, PayPal announced it would temporarily suspend UK customers’ ability to purchase cryptocurrencies through its platform starting in October. The decision is intended to ensure compliance with the new rules governing crypto promotions. 

PayPal has stated that it is committed to collaborating closely with regulators worldwide to adhere to the relevant rules and regulations in the markets where it operates. The company reassured its customers in the UK that they would still be able to hold and sell their cryptocurrency holdings at any time.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

文章来源于互联网:Crypto.com to list PayPal USD

Disclaimers:

1. You are solely responsible for your investment decisions and this info is not liable for any losses you may incur.

2. The copyright of this article belongs to the writer, it represents the writer's opinions only, not represents the site's ones. Not financial advice.

Previous 2023年8月20日 00:07
Next 2023年8月20日 01:02

Related articles

  • US-China trade defies geopolitical strains – How?

    TL;DR Breakdown – Despite geopolitical tensions, US-China trade relations are strong and have even set records in 2022. – US Treasury Secretary, Janet Yellen, emphasizes potential for enhancing trade and investments between both nations. Description In a world where geopolitical tensions often dictate trade relations, the US-China commerce continues to grow robustly, challenging the odds. This phenomenon begs the question: How do these two superpowers keep their economic machinery well-oiled amidst the friction? US-China finding harmony amidst dissonance Undeniably, the US and China, as global economic leaders, influence the world’s … Read more In a world where geopolitical tensions often dictate trade relations, the US-China commerce continues to grow robustly, challenging the odds. This phenomenon begs the question: How do these two superpowers keep their economic machinery well-oiled amidst the friction? US-China finding harmony amidst dissonance Undeniably, the US and China, as global economic leaders, influence the world’s financial ecosystem. Despite their political discord, the two giants set a record for bilateral trade in 2022, an indicator of the resilient dynamics of their commercial interplay. Treasury Secretary Janet Yellen, in…

    Article 2023年7月10日

  • Best Twitter threads of the day – August 3rd

    Description Is it censorship for Uniswap to delist tokens? Lazarus Group links stolen funds from the Harmony, Atomic Wallet, and Coinspaid/Alphapo hacks together on-chain Hong Kong debuts retail Crypto trading with HashKey and OSL Is it censorship for Uniswap to delist tokens? A bunch of y’all didn’t like this tweet. “Censorship!!” “Centralization!” Let’s unpack… Uniswap is two things: 1) a web interface and 2) a decentralized protocol (the DEX) The interface is run by a centralized company in Brooklyn. The DEX is decentralized/permissionless 1/ https://t.co/XcYInWgEdz — Erik Voorhees (@ErikVoorhees) August 2, 2023 The centralized web interface has delisted multiple assets (most recently, HEX). The decentralized protocol, however, has not. You can still buy HEX on the protocol (but you shouldn’t because it’s retarded) Is it “censorship” for the central company to remove from web UI? 2/ — Erik Voorhees (@ErikVoorhees) August 2, 2023 I’d call it having standards. If I run a store, I’m not going to sell scam products. Indeed, when I ran ShapeShift, we delisted BSV because in our opinion, it was built on fraud (specifically, the fraudulent…

    Article 2023年8月4日

  • Tether hits $3.3B in excess reserves, holds $72.5B worth of U.S. Treasury bills

    TL;DR Breakdown Tether has released its assurance opinion for Q2 of 2023, highlighting a $850 million rise in excess reserves to reach $3.3 billion. Tether’s operational profitability was $1 billion from April to June 2023, with a 30% rise over Q1 2023. USDT’s market cap hit a new high in July, approaching $84 million. Description Tether Holdings Limited published its assurance opinion for Q2 of 2023, highlighting a $850 million rise in excess reserves to reach $3.3 billion. The report shows that Tether has been adding on its treasury reserved holding for USDT tokens. The report is the first time the company has disclosed its indirect exposure to United States … Read more Tether Holdings Limited published its assurance opinion for Q2 of 2023, highlighting a $850 million rise in excess reserves to reach $3.3 billion. The report shows that Tether has been adding on its treasury reserved holding for USDT tokens. The report is the first time the company has disclosed its indirect exposure to United States Treasury bills held by money market funds, where it holds about $72.5…

    Article 2023年8月1日

  • Indian business tycoon and philanthropist Ratan Tata refutes cryptocurrency investment rumours

    TL;DR Breakdown Ratan Tata, an Indian business tycoon and philanthropist, has debunked reports that he has any association with cryptocurrencies. India’s crypto market remains highly unregulated. Description Ratan Tata, an Indian business tycoon and philanthropist, has debunked reports that he has any association with cryptocurrencies. The chairman emeritus of the Tata Group warned that people stay vigilant to avoid being scammed by those making false reports in an attempt to lure unsuspecting citizens and crypto investors. Tata shuts down crypto investment rumours … Read more Ratan Tata, an Indian business tycoon and philanthropist, has debunked reports that he has any association with cryptocurrencies. The chairman emeritus of the Tata Group warned that people stay vigilant to avoid being scammed by those making false reports in an attempt to lure unsuspecting citizens and crypto investors. Tata shuts down crypto investment rumours Ratan Tata took to Twitter to clarify that any reports or ads on his association with crypto were untrue and were a move to scam those who would fall for it. The 85-year-old industrialist shared a screenshot of one of…

    Article 2023年6月30日

  • Regulatory overreach: SEC’s misguided crackdown on crypto

    TL;DR Breakdown Paradigm’s special counsel, Rodrigo Seira, criticizes the SEC for overstepping its authority in pursuing a lawsuit against Bittrex, a crypto exchange. Seira argues that the SEC’s authority doesn’t extend to crypto assets because they do not involve investment contracts, meaning they fall outside the SEC’s jurisdiction. The lack of clear regulation creates uncertainty for crypto businesses looking to register and comply with SEC regulations. Description The U.S. Securities and Exchange Commission (SEC) has come under fire for its recent lawsuit against Bittrex, a U.S.-based crypto exchange. Rodrigo Seira, Special Counsel at Paradigm, a crypto investment firm, lambasted the SEC for its alleged overreach and “unreasonable” application of the Howey test. This news comes in the wake of Paradigm’s amicus brief … Read more The U.S. Securities and Exchange Commission (SEC) has come under fire for its recent lawsuit against Bittrex, a U.S.-based crypto exchange. Rodrigo Seira, Special Counsel at Paradigm, a crypto investment firm, lambasted the SEC for its alleged overreach and “unreasonable” application of the Howey test. This news comes in the wake of Paradigm’s amicus brief…

    Article 2023年7月12日
TOP