Tether CTO: PayPal's Launch of Stablecoin Will Not Impact USDT in Any Way

Odaily News: Tether's Chief Technology Officer Paolo Ardoino stated that the launch of the stablecoin PYUSD by payment giant PayPal earlier today will not impact USDT in any way. He explained that this is because PayPal's stablecoin PYUSD is being launched in the United States, whereas Tether (USDT) does not provide services in the US. However, when asked if PYUSD will be launched in the international market, Ardoino stated that it is positive for the entire cryptocurrency industry. Ardoino said, "It's interesting. Another stablecoin has emerged in the US. It may lead to a decrease in payment revenues primarily supported by Mastercard and Visa. At the same time, it will also help the industry further develop and promote sensible regulatory policies." Furthermore, Ardoino believes that the launch of PYUSD can help USDT in another way by potentially reducing the competition Tether faces. Ardoino stated, "This may mean that our competition, primarily focused in the US, further diminishes." He may be implying the stablecoin USDC by Circle as a competitor. "In contrast, Tether focuses on emerging markets and developing countries." (The Block) According to previous reports, PayPal announced the launch of the US dollar stablecoin PayPal USD (PYUSD) for transfers and payments. The stablecoin is issued by Paxos Trust Co. and backed by the US dollar, short-term government bonds, and cash equivalents. PYUSD will gradually become available to PayPal customers in the US.