Launched in August via a cooperation with custodian company Paxos, PayPal’s stablecoin has seen significant growth in market value, presently surpassing $290 million. By the end of August, the total supply of PYUSD had increased to 43.3 million after its launch. During that period, a concentrated distribution was evident as
When you hear “NFT Marketplace”, OpenSea is typically what comes to mind, or Rarible perhaps. But while the ascent of non-fungible tokens (NFTs) was initially celebrated as an innovative frontier within the cryptocurrency industry, the current landscape paints a more subdued picture, with the market experiencing a bearish trend. In
According to a recent press release, PayPal has expanded its presence in the Web3 sphere with the addition of PayPal On and Off Ramps integration. The most recent change is geared toward making digital wallets, decentralized dApps, and NFT marketplaces more readily available in the U.S to facilitate the buying
Huobi, a cryptocurrency exchange, has informed its customers that the recently introduced PayPal (PYUSD) stablecoin would be available for trading on their platform on September 7th. The release states that PYUSD deposits will begin at 03:30 (UTC) today, while PYUSD spot trading pairings (such as PYUSD/USDT, BTC/PYUSD, and ETH/PYUSD) will
On-chain data shows that the newly launched PYUSD stablecoin is struggling to acquire adoption. Nansen, a blockchain analytics company, estimates that around 90% of PYUSD is kept in the wallets of stablecoin issuer Paxos Trust at the present time. The research claims that Kraken, Gate.io, and Crypto.com wallets have a
Ledger, a crypto wallet provider, has announced a new on-ramp solution in partnership with PayPal. Bitcoin, Ethereum, Bitcoin Cash, and Litecoin may now be purchased using a PayPal account by Ledger Wallet owners. These purchases will be credited immediately to their Ledger wallets, skipping any intermediate accounts. Users who have
Online payment giant PayPal is making changes to its platform in the UK so that it is in line with local financial legislation. In order to comply with new rules, PayPal notified on August 16 that it is temporarily halting the capacity for its U.K. clients to acquire cryptocurrencies. A
The payment processing giant PayPal has recruited a new CEO. Alex Chriss, an established veteran of the tech sector with a history of leadership and innovation, has been named CEO and President of PayPal. Alex Chriss’s new position will benefit greatly from his extensive background as a senior executive at
In recent days, the Federal Reserve has issued more guidance on cryptocurrencies. Adding to that, the FED released a press release announcing that it requires approval before the state bank can issue, hold, and transact stablecoin payments. These new rules on stablecoins come after PayPal announced its new stablecoin, PYUSD.
Within the first day of its release, the Paxos-issued PayPal USD (PYUSD) stablecoin was listed on the Huobi cryptocurrency exchange, led by Justin Sun. The PayPal USD (PYUSD) stablecoin, was launched on Monday by PayPal and is tied to the US dollar. Huobi, the world’s largest cryptocurrency exchange, made the
