PayPal's Stablecoin is the (Second) Biggest Crypto News Story of the Year
The Breakdown
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Paxos and PayPal Launch Stablecoins
PayPal has announced the launch of a stablecoin called PiUSD. The company first hinted at plans for this in early 2022 and obtained a full bit license from New York state later that year. Paxos will be providing all of the infrastructure for the stablecoins and will begin issuing monthly reserve reports starting in September. Congress is making significant bipartisan progress on legislation to ensure the US leads the financial system of the future. We must finish the job, says House Financial Services Committee chairman Patrick McHenry.
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