PayPal's Stablecoin is the (Second) Biggest Crypto News Story of the Year
The Breakdown
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PayPal's Centralized Pie USD Stablecoin Is a Centralized Company
PayPal launched its own stablecoin as an ERC money token on Ethereum. Some are surprised that PayPal would act like a centralized company. The New York Department of Financial Services guidance for licensing stablecoins literally spells out that BSAAML and Sanctions compliance is required. If only 1% of PayPal's users onboard to crypto, that would result in 8x more DeFi users than we have peaked over the past month.
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