Odaily News: PayPal announces the launch of a US dollar stablecoin called PayPal USD (PYUSD) for transfers and payments. This stablecoin is issued by Paxos Trust Co. and is backed by the US dollar, short-term government bonds, and cash equivalents. PYUSD will gradually be made available to PayPal customers in the United States. Starting today and over the next few weeks, eligible US PayPal customers will be able to transfer PYUSD between PayPal and compatible external wallets, make peer-to-peer payments using PYUSD, choose to use PYUSD for checkout, and exchange any supported cryptocurrencies by PayPal with PYUSD. Starting from September 2023, Paxos will publish monthly public reserve reports for PYUSD, outlining the specific composition of its reserves. Paxos will also provide third-party proof of the value of PYUSD reserve assets. The attestation will be conducted by an independent third-party accounting firm in accordance with the auditing standards set by the American Institute of Certified Public Accountants (AICPA). PayPal states that PayPal USD is the only stablecoin supported within the PayPal network. As an ERC-20 token issued on the Ethereum blockchain, PayPal USD will be available to the already large and growing community of external developers, wallets, and Web3 applications, making it easy to adopt by exchanges and enhance the experience within the PayPal ecosystem. Most stablecoins currently exist within Web3-specific environments, but PayPal USD will be compatible with this ecosystem from day one and will soon be available on Venmo.

Odaily News: Patrick McHenry, Chairman of the House Financial Services Committee, stated that PayPal's stablecoin shows hope for bipartisan legislation. (Jinse) According to previous reports, PayPal announced the launch of PayPal USD (PYUSD), a stablecoin 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 be made available to PayPal's customers in the United States.

Odaily News After PayPal announced the launch of the stablecoin PYUSD, Patrick McHenry, Chairman of the U.S. House Financial Services Committee, issued a statement saying, "This announcement is a clear signal that stablecoins, if issued under a clear regulatory framework, are poised to become the cornerstone of our 21st-century payment system. Clear regulations and strong consumer protections are crucial for stablecoins to fully unleash their potential. That's why comprehensive digital asset regulation provided by legislation is more important than ever, especially for stablecoins. The bipartisan Payment Stablecoin Transparency Act recognizes the important role that states play in regulating digital asset companies and builds upon the successful regulatory systems in states like New York. We are at a crossroads to keep the United States at the forefront of digital asset innovation, and both parties in Congress are making significant progress in legislation to ensure that the U.S. leads the future financial system. We must get this work done." Previously, the House Financial Services Committee passed the Clarity for Payment Stablecoins Act of 2023. This bill establishes regulatory pathways for approving and overseeing stablecoin issuers, while ensuring strong consumer protections by creating uniform federal minimum standards for payment stablecoins. As previously reported, PayPal announced the launch of the PayPal USD (PYUSD), a stablecoin used for transfers and payments. The stablecoin is issued by Paxos Trust Co. and backed by the U.S. dollar, short-term Treasury bonds, and cash equivalents. PYUSD will be gradually rolled out to PayPal customers in the United States.

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.

Odaily News: David Wells, CEO of Enclave Markets, said that PayPal has announced the launch of the stablecoin PYUSD and it is not yet clear what its direct impact on USDC will be. It is worth noting that David Wells previously worked at Paxos from 2017 to 2020, serving as the product lead for USDP and BUSD. Wells believes that PYUSD and USDC may compete for similar customer groups who prefer to use domestically regulated stablecoins rather than offshore ones. However, for PYUSD to compete effectively with USDC, it needs to be listed on major cryptocurrency exchanges. Wells stated, "It is still unclear when/if PYUSD will be listed on major exchanges, so it may focus on cross-platform payment use cases. In the long run, PYUSD may also compete with USDC in terms of market share in the cryptocurrency trading market and potentially in the DeFi market." Anders Helseth, Vice President of crypto research firm K33, agrees with this view, saying, "I think a key factor in the short term is whether any exchanges adopt PayPal's stablecoin." (The Block) As previously reported, PayPal announced the launch of the PayPal USD (PYUSD), a stablecoin for transfers and payments. The stablecoin is issued by Paxos Trust Co. and is backed by US dollars, short-term government securities, and cash equivalents. PYUSD will gradually become available to PayPal customers in the United States.

Odaily News: PayPal has announced the contract address for its USD stablecoin, PYUSD. Current blockchain data shows that 26.9 million tokens have been issued, with a total of 8 holders. The contract address is 0x6c3ea9036406852006290770BEdFcAbA0e23A0e8. According to previous reports, PYUSD will gradually be made available to PayPal customers in the United States. Starting today and over the next few weeks, eligible US PayPal customers will be able to transfer PYUSD between PayPal and compatible external wallets, make peer-to-peer payments with PYUSD, select PYUSD as a payment method at checkout, and exchange any supported cryptocurrencies on PayPal with PYUSD.

Odaily News: Some people believe that the issuance of PayPal's USD stablecoin (PYUSD) will bring in a large number of new users to Ethereum. However, some users have raised doubts, and several auditors have pointed out that the token contract code includes features such as freezing and unfreezing funds, which are typical examples of centralization. Sarah Hodder, a digital asset lawyer, believes that many of PYUSD's characteristics resemble a scrutinized central bank digital currency. An auditor also stated that the smart contract of PYUSD can be modified by PayPal at any time. (Source: Cointelegraph)

Odaily News. According to DEXTools data, there are currently more than 66 fake PYUSD tokens appearing on networks such as Ethereum, BNB Chain, and Base. Most of these tokens are already circulating on the Ethereum network. Scammers are attempting to defraud people by issuing fake tokens on various networks and taking advantage of PayPal's launch of the USD stablecoin, PayPal USD (PYUSD). Investors should be cautious of the risks involved. (CoinDesk) As previously reported, PayPal announced the launch of PayPal USD (PYUSD), a stablecoin for transfers and payments. The stablecoin is issued by Paxos Trust Co. and backed by the U.S. dollar, short-term government bonds, and cash equivalents. PYUSD will gradually become available to PayPal's customers in the United States. The contract address for PYUSD is 0x6c3ea9036406852006290770BEdFcAbA0e23A0e8.

Odaily News: Tom Wan, an on-chain analyst at 21co, the parent company of 21Shares, tweeted that PYUSD has been added to the Dune dashboard. This contract was deployed in November 2022 and currently has a total supply of over 26.9 million tokens. As previously reported, PayPal announced the launch of the PayPal USD (PYUSD) stablecoin for transfers and payments. The stablecoin is issued by Paxos Trust Co. and is backed by the US dollar, short-term government bonds, and cash equivalents. PYUSD will gradually be made available to PayPal's customers in the United States. The contract address for PYUSD is 0x6c3ea9036406852006290770BEdFcAbA0e23A0e8. On-chain data shows that there are currently 26.9 million tokens issued, held by 8 owners.

Odaily News - Cryptocurrency auditor Pashov Krum has raised concerns about the "centralization attack vector" in PayPal's USD stablecoin PYUSD, which includes operations that can freeze or suspend specific address chain functions, such as freezing the transfer function of a particular address and providing more control over smart contract behavior. In response to this, Ripple's Chief Technology Officer David Schwartz pointed out that the value of this centralized stablecoin actually lies in PayPal's legal obligation to exchange PYUSD for US dollars, which helps prevent innocent parties from receiving tokens that PayPal is not legally obliged to exchange, thus reducing the risk. Schwartz believes that currently PYUSD faces three other risks: 1. The risk of PayPal not fulfilling its legal obligations. 2. Users mistakenly believing that they own tokens representing PayPal's legal obligations, when in fact they do not. 3. The divergence between users and PayPal on whether the token represents PayPal's legal obligations. This feature mitigates the above three risks. David Schwartz also pointed out that PYUSD is not a true cryptocurrency, but rather a traditional financial asset, like money in a bank, representing "someone else's legal obligations".

Odaily News According to Scam Sniffer monitoring, there have been several phishing websites imitating PayPal Stablecoin PYUSD in the past few hours. Users are advised to be cautious and prevent risks.

Odaily News - Walter Hessert, the strategic director of stablecoin issuer Paxos, stated that Paxos Trust, a cryptocurrency infrastructure provider, is developing other stablecoin projects, similar to PayPal's stablecoin PYUSD. When asked if Paxos had previously discussed developing stablecoins for its platform with Elon Musk and X (former Twitter), Hessert did not directly answer the question but indicated that more projects are in progress. (CoinDesk) Yesterday, PayPal announced the launch of PayPal USD (PYUSD), a stablecoin for transfers and payments. The stablecoin is issued by Paxos Trust Co. and backed by the U.S. dollar, short-term government bonds, and cash equivalents. PYUSD will gradually be made available to PayPal customers in the United States. Starting today and over the next few weeks, eligible PayPal customers in the U.S. will be able to transfer PYUSD between PayPal and compatible external wallets, make peer-to-peer payments using PYUSD, choose to use PYUSD at checkout, and exchange any supported cryptocurrency by PayPal for PYUSD.

Odaily News: JPMorgan states that the stablecoin PYUSD launched by PayPal this week may increase the total value locked (TVL) in Ethereum, thus benefiting it. Nikolaos Panigirtzoglou, analyst at JPMorgan, said, "This may facilitate activity in Ethereum and enhance its network utility as a stablecoin/DeFi platform. In other words, it will encourage more companies to choose the Ethereum blockchain (or its L2 platform) for their stablecoins or decentralized projects in the future." Panigirtzoglou also mentioned that Ethereum could further benefit from PYUSD as the stablecoin can fill the $20 billion gap left by BUSD. If PYUSD fills this gap, "DeFi TVL will shift towards the Ethereum blockchain (or its L2 platform)," he added. (The Block) Yesterday, PayPal announced the launch of the PayPal USD (PYUSD) stablecoin for transfers and payments. The stablecoin is issued by Paxos Trust Co. and backed by U.S. dollars, short-term government bonds, and cash equivalents.

Odaily News: According to Tokenview data, the total issuance of PayPal stablecoin PYUSD in the past 7 days is 24.9 million PYUSD. As of now, the total issuance is 52.4 million PYUSD, with a total destruction of 25.5 million PYUSD. The current circulation is 26.9 million PYUSD. It is reported that PayPal conducted the first issuance of 1.1 million PYUSD on November 8, 2022.

Odaily News: According to former chairman of the U.S. CFTC, Timothy Massad, the launch of PayPal's USD stablecoin PYUSD signifies the first time a traditional financial company has introduced its own stablecoin and demonstrates that the technology has value beyond crypto. PayPal is conveying the message that they believe this technology could be beneficial for broader payment purposes. In previous news, PayPal announced the launch of the USD stablecoin PayPal USD (PYUSD) for transfers and payments. This stablecoin is issued by Paxos Trust Co. and backed by the U.S. dollar, short-term government bonds, and cash equivalents.

Odaily News - Maxine Waters, the Democratic leader of the United States House of Representatives, expressed concerns about PayPal's launch of a stablecoin without federal regulatory framework this week. In a statement on Wednesday, Waters said, "With over 435 million customers worldwide, PayPal has more online accounts than all major banks combined. Given its scale and reach, federal oversight and enforcement of its stablecoin business are crucial to ensuring consumer protection and mitigating financial stability concerns." Waters, who previously served as the chair of the House Financial Services Committee, which is currently led by Republican Representative Patrick T. McHenry of North Carolina, referred to a regulatory framework for payment stablecoins proposed by the committee last month, known as the "Payment Stablecoin Transparency Act." McHenry stated that the act aims to protect consumers through federal guardrails while fostering innovation in the United States. Waters emphasized that House Financial Services Committee Democrats have been dedicated to regulating stablecoins over the past 15 months and "creating an environment to protect consumers and the economy when companies like PayPal decide to launch their own stablecoins." However, she described the act as "toxic and problematic" and added that it could harm consumers. (The Block) In previous news, PayPal announced the launch of PayPal USD (PYUSD), a stablecoin designed for transfers and payments. The stablecoin is issued by Paxos Trust Co. and backed by the U.S. dollar, short-term government bonds, and cash equivalents.

Odaily News: PayPal recently launched a stablecoin called PYUSD, which has raised concerns within the crypto community regarding centralization. Cryptocurrency experts analyzing the underlying smart contracts of PYUSD have discovered that this new stablecoin is actually coded using an "extremely outdated" version of Solidity. Solidity is the most commonly used programming language for Ethereum, the world's second-largest blockchain. It has been reported that PYUSD was coded using version 0.4.24, which is both costly for end-users and not in line with current industry standards. Other centralization concerns include PayPal's ability to suspend all transfers, freeze addresses and funds, and even arbitrarily increase the total supply of stablecoins. (Coinedition)