• Home
  • News
  • Personal Finance
    • Savings
    • Banking
    • Mortgage
    • Retirement
    • Taxes
    • Wealth
  • Make Money
  • Budgeting
  • Burrow
  • Investing
  • Credit Cards
  • Loans

Subscribe to Updates

Get the latest finance news and updates directly to your inbox.

Top News

World Elder Abuse Awareness Day

June 13, 2025

Costco to Restore Key Benefit for Executive Members at Select Stores

June 13, 2025

6 Tips for How to Follow up on a Job Application (With Examples)

June 13, 2025
Facebook Twitter Instagram
Trending
  • World Elder Abuse Awareness Day
  • Costco to Restore Key Benefit for Executive Members at Select Stores
  • 6 Tips for How to Follow up on a Job Application (With Examples)
  • What’s the Highest Paid Hourly Position at Walmart?
  • Mattel, OpenAI Sign Deal to Bring ChatGPT to ‘Iconic’ Toys
  • Google, Spotify Down in a Massive Outage Affecting Thousands
  • Here’s Why You Should Be Wary Of 401(k) Crypto Options
  • Why This Year’s Summer Sales Might Be a Let-Down
Friday, June 13
Facebook Twitter Instagram
FintechoPro
Subscribe For Alerts
  • Home
  • News
  • Personal Finance
    • Savings
    • Banking
    • Mortgage
    • Retirement
    • Taxes
    • Wealth
  • Make Money
  • Budgeting
  • Burrow
  • Investing
  • Credit Cards
  • Loans
FintechoPro
Home » PayPal becomes first major fintech to launch dollar-backed stablecoin
Investing

PayPal becomes first major fintech to launch dollar-backed stablecoin

News RoomBy News RoomAugust 7, 20230 Views0
Facebook Twitter Pinterest LinkedIn WhatsApp Reddit Email Tumblr Telegram

© Reuters. FILE PHOTO: The PayPal logo is seen at an office building in Berlin, Germany, March 5, 2019. REUTERS/Fabrizio Bensch/File Photo

By Jaiveer Shekhawat

(Reuters) -Payments giant PayPal (NASDAQ:) said on Monday it has launched a U.S. dollar stablecoin, becoming the first major financial technology firm to embrace digital currencies for payments and transfers.

While stablecoins – crypto tokens whose monetary value is pegged to a stable asset to protect from wild volatility – have been around for years now, they are yet to successfully make headway into the mainstream consumer payments ecosystem.

PayPal’s announcement, which lifted its shares 2.5% in afternoon trading, reflects a show of confidence in the troubled industry that has over the last 12 months grappled with regulatory headwinds that were exacerbated by a string of high-profile collapses.

Prior attempts by major mainstream companies to launch stablecoins have met fierce opposition from financial regulators and policymakers. Meta’s, then Facebook (NASDAQ:), 2019 plans to launch a stablecoin, Libra, were foiled after regulators raised fears it could upset global financial stability.

A string of major economies, from Britain to the European Union, have since laid out rules to govern stablecoins. The EU’s policies will come into force in June 2024.

Last month, the U.S. House Financial Services committee also advanced a bill to establish a federal regulatory framework for stablecoins, which will focus on rules for the registration and approval process for stablecoin issuers.

PayPal’s stablecoin, dubbed PayPal USD, is backed by U.S. dollar deposits and short-term U.S Treasuries, and will be issued by Paxos Trust Co. It will gradually be available to PayPal customers in the United States.

Argus Research Corp analyst Stephen Biggar said PayPal’s brand name makes the stablecoin launch significant but the company has been associated with crypto previously so it’s not a surprise.

Visa (NYSE:) also said in 2021 it will allow the use of cryptocurrency to settle transactions on its payment network.

Read the full article here

Featured
Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Articles

Costco to Restore Key Benefit for Executive Members at Select Stores

Burrow June 13, 2025

6 Tips for How to Follow up on a Job Application (With Examples)

Make Money June 13, 2025

What’s the Highest Paid Hourly Position at Walmart?

Make Money June 12, 2025

Mattel, OpenAI Sign Deal to Bring ChatGPT to ‘Iconic’ Toys

Make Money June 12, 2025

Google, Spotify Down in a Massive Outage Affecting Thousands

Make Money June 12, 2025

Why This Year’s Summer Sales Might Be a Let-Down

Burrow June 12, 2025
Add A Comment

Leave A Reply Cancel Reply

Demo
Top News

Costco to Restore Key Benefit for Executive Members at Select Stores

June 13, 20250 Views

6 Tips for How to Follow up on a Job Application (With Examples)

June 13, 20250 Views

What’s the Highest Paid Hourly Position at Walmart?

June 12, 20250 Views

Mattel, OpenAI Sign Deal to Bring ChatGPT to ‘Iconic’ Toys

June 12, 20250 Views
Don't Miss

Google, Spotify Down in a Massive Outage Affecting Thousands

By News RoomJune 12, 2025

Google Cloud and Spotify are down for tens of thousands of users, according to Downdetector.com.…

Here’s Why You Should Be Wary Of 401(k) Crypto Options

June 12, 2025

Why This Year’s Summer Sales Might Be a Let-Down

June 12, 2025

15 Companies Hiring for International Remote Jobs

June 12, 2025
Facebook Twitter Instagram Pinterest Dribbble
  • Privacy Policy
  • Terms of use
  • Press Release
  • Advertise
  • Contact
© 2025 FintechoPro. All Rights Reserved.

Type above and press Enter to search. Press Esc to cancel.