According to an announcement, the Web3 and crypto firm Transak listed Paypal’s stablecoin, paypal usd (PYUSD), on its platform. This integration allows users to purchase PYUSD using various local payment methods, aiming to simplify the transition to cryptocurrencies. PYUSD Listed on Transak, Aiming to Ease Defi Transition Transak, a Web3 payments infrastructure provider, has added […]
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Paypal Expands PYUSD to Solana Blockchain for Better Payment Solutions
Payments giant Paypal has made Paypal USD (PYUSD) available on the Solana blockchain, making the stablecoin “faster and cheaper to use.” Platforms like Crypto.com, Phantom, and Paxos are among the first to offer PYUSD on Solana, alongside Paypal and Venmo wallets. Paypal Makes PYUSD Available on Solana Blockchain Paypal Holdings Inc. (Nasdaq: PYPL) announced at […]
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Stablecoin Market Stabilizes at $160 Billion; FDUSD and PYUSD Lead Growth
Over the past 19 days, the stablecoin economy has stabilized with negligible growth after reaching the 0 billion threshold at April’s end. Out of the top five, FDUSD is currently the frontrunner in terms of 30-day growth, showing a 15.3% increase in supply. Stablecoin Valuation Holds Steady With Little Growth Following a period of rapid […]
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Paypal Integrates PYUSD for International Transfers on Xoom
On Thursday, Paypal disclosed that users of Xoom now have the capability to utilize the company’s stablecoin PYUSD for conducting international cross-border transactions. Beginning on April 4, this feature was made accessible to users in the U.S., enabling them to transfer PYUSD to beneficiaries across roughly 160 countries worldwide. Paypal’s Xoom Adds PYUSD Cross-Border Transfers […]
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Despite Crypto Uptick, Paypal’s PYUSD Stays Quiet in the Top Ten Stablecoin Race
In the last day, the global trading volume has hit 3 billion, with stablecoins accounting for an impressive 3 billion of that total. Among the array of stablecoin assets tied to the U.S. dollar, Paypal’s PYUSD has emerged as a top ten player. Yet, despite the ongoing cryptocurrency market upswing, PYUSD has shown minimal activity […]
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Paypal’s PYUSD Stablecoin Central to Investment in Digital Finance Platform Mesh
Paypal Ventures, the venture capital division of Paypal, revealed this week its investment in Mesh, a financial technology startup focused on advancing digital payments. The investment entity emphasized that the capital injection was primarily allocated using the firm’s newly introduced stablecoin, PYUSD.
Mesh Attracts Paypal Ventures Investment, PYUSD Leveraged
This week, Paypal Ventures disclosed its investment in Mesh, a digital currency and fintech startup previously known as Front Finance. Mesh positions itself as a business-centric financial platform, striving to seamlessly blend digital and conventional finance realms. At its core, the platform operates as a comprehensive account aggregation system that boasts 300 connections with various exchanges, wallets, and brokerages.
Mesh’s integrations encompass a wide range of platforms, including Coinbase, Binance, Etoro, Vanguard, Blockchain.com Wallet, Webull, Kraken, Bitcoin.com Wallet, Bitstamp, Kucoin, and several others. Paypal Ventures revealed that their investment in Mesh primarily utilized PYUSD, the firm’s stablecoin offering built on the Ethereum network. While Paypal did not specify the rationale behind using the stablecoin to enhance Mesh’s funding, it acknowledged the potential advantages of the startup’s technology for stablecoin assets.
“As the world of financial services undergoes rapid transformation, we believe that user ownership and portability of assets will become a critical building block of product innovation, with crypto serving as the first beachhead where this is possible,” remarked Amman Bhasin, a partner at Paypal Ventures. Bhasin added:
Mesh’s commitment to these principles, coupled with its innovative technology, makes them a clear leader in this dynamic landscape. We are confident that this investment will fuel Mesh’s growth and contribute significantly to the advancement of embedded finance and native stablecoins.
The Paypal Ventures investment follows Mesh’s Series A funding round, which saw the startup raise million. The investment round was led by Money Forward Inc. and saw participation from Samsung Next, Galaxy, Streamlined Ventures, SNR.VC, Hike VC, Heitner Group, and Arash Ferdowsi, the Co-founder of Dropbox, among others. At the time, the co-founder and CEO of Mesh, Bam Azizi, said “Embedded finance is going to be a trillion market opportunity.”
“We’re thrilled to have the backing of Paypal Ventures as we execute against our vision of becoming the connection layer for a critical mass of crypto platforms and financial service providers,” Azizi said on Monday. “Paypal has an incredible track record of moving the payments industry forward, so it’s no surprise they are at the forefront of stablecoin innovation and share our vision for the future of the industry.”
What do you think about Paypal’s investment in Mesh using PYUSD? Let us know what you think about this subject in the comments section below.
PayPal Incentivizing People To Provide PYUSD Liquidity On Curve, CRV To The Moon?
In a landmark move, PayPal, the payment processor, has incentivized PYUSD liquidity on Curve Finance, the world’s largest stablecoin decentralized exchange (DEX) by trading volume.
PayPal Incentivizing PYUSD Liquidity Via Curve
This development, which Stake DAO first captured on January 10, sent shockwaves through the crypto community, with many experts predicting that Curve is on its way to becoming the go-to platform for institutional and corporate trading of on-chain stablecoins.
PayPal’s decision to incentivize PYUSD liquidity on Curve is a significant step forward for adopting stablecoins and promoting decentralized finance (DeFi) protocols in general. By providing attractive rewards for liquidity providers, PayPal is signaling its commitment to the growth of this rapidly evolving sector.
As part of its incentive program, PayPal has deposited vote incentives worth 2k in PYUSD on Votemarket, a vote incentive platform. These rewards are designed to encourage users to increase their liquidity on Curve. In addition, PayPal will offer direct rewards to liquidity providers distributed in PYUSD, with an APY of 11%.
Observers note that the ,000 allocated weekly to Votemarket could direct at least k in CRV, a governance token on Curve Finance, to the PYUSD-USDC pool.
Institutional Endorsement: Will CRV Rally Above .75?
With PayPal’s endorsement, Curve may attract even more liquidity and cement its position as a leader in on-chain stablecoin trading. It is unclear whether other Wall Street heavyweights on the wings are ready to enhance liquidity via Curve or other DeFi protocols. Their involvement will validate Curve and DeFi’s potential, accelerating adoption among institutional investors.
According to DeFiLlama data on January 10, Curve has a total value locked (TVL) of .82 billion, with a big chunk of this in Ethereum. The protocol has deployed in Ethereum layer-2s and other Ethereum Virtual Machine (EVM) compatible platforms, including Arbitrum.
For now, CRV, the native token of Curve, remains under pressure. Looking at the performance in the daily chart, the token is down 30% from recent December peaks, sliding when writing.
From price technical analysis, any break above .75 could spark more demand, lifting the token to new 2024 highs. Presently, CRV is trending inside a bear candlestick, signaling general weakness. In the short term, sharp losses below .45 might trigger a sell-off. CRV risks dropping to September 2023 lows of around .40 in that case.
Paypal Faces SEC Scrutiny Over New Stablecoin PYUSD, Cooperates With Document Production Request
After releasing its new stablecoin PYUSD, the payments giant Paypal disclosed that the U.S. Securities and Exchange Commission (SEC) subpoenaed the company concerning the stablecoin. Paypal stated in its Form 10-Q for the third fiscal quarter that it had been asked to produce documents for the SEC and is “cooperating” with the securities regulator.
Paypal Subpoenaed by SEC Over PYUSD Token
Paypal is engaged with the SEC in matters related to its stablecoin asset PYUSD. This information came to light in the company’s latest financial disclosure, showcasing the firm’s third-quarter earnings.
“On November 1, 2023, we received a subpoena from the U.S. SEC Division of Enforcement relating to Paypal USD stablecoin,” the filing notes. “The subpoena requests the production of documents. We are cooperating with the SEC in connection with this request.”
The filing also notes that Paypal allows its customers to buy, hold, sell, convert, receive, and send bitcoin, ethereum, bitcoin cash, litecoin, and the PYUSD stablecoin. Additionally, the document details that in August 2023, Paypal partnered with the third-party issuer Paxos to issue PYUSD, subsequently launching it for Venmo customers in September 2023.
“We have selected custodian partners and the PYUSD Issuer, and may in the future select additional custodian partners and stablecoin issuing entities, that are subject to regulatory oversight, capital requirements, maintenance of audit and compliance industry certifications, and cybersecurity procedures and policies,” the 10-Q filing adds.
The Paypal earnings report follows the company receiving approval from the Financial Conduct Authority in the United Kingdom. After recently pausing crypto purchases in the U.K., it is expected that Paypal will resume services following the regulatory approval. However, the company may not be able to add new customers moving forward.
What do you think about Paypal getting probed by the SEC over its new stablecoin PYUSD? Share your thoughts and opinions about this subject in the comments section below.
PYUSD Supply Skyrockets by 49%, Marking a Shift in Distribution as New Holders Emerge
According to current metrics, Paypal’s stablecoin PYUSD has increased its supply by more than 49% since the end of September, rising from 94.39 million to 140.86 million. Moreover, the number of PYUSD holders has risen by 55% since September 30, 2023. Concentration, however, is still evident in PYUSD, with the top 100 holders owning 99.95% of its current supply.
Paypal Stablecoin Witnesses Redistribution Among Top Holders
Paypal’s stablecoin ecosystem experienced growth in October. The number of unique addresses and transfers has risen, and more PYUSD has been issued. On September 30, 2023, 924 unique wallets held PYUSD. Today, that number stands at 1,438 holders. Additionally, PYUSD had only 180 transfers 25 days ago, but that count has now reached a total of 8,307 transactions. Still, this count is extremely modest when set against USDT’s 204 million transfers and USDC’s 73 million transactions.
In terms of issuance, PYUSD’s supply has jumped by 49.22% since September’s close. Back then, 94.39 million of Paypal’s stablecoins were in circulation, and now that figure stands at 140.86 million. Boasting a market capitalization of 0 million, it secures the 13th spot among USD stablecoins by market value and ranks 206th among over 10,000 crypto assets. While a lion’s share of the 140.86 million PYUSD is held by a handful of addresses, its distribution landscape has undergone a few notable changes.
Crypto.com has risen to become the top PYUSD holder, wielding 98.21 million tokens, equivalent to 69.72% of the total supply. Paxos follows closely, securing the second and third largest wallets with holdings of 28.81 million and 4.83 million PYUSD, respectively. Kraken possesses the fourth largest PYUSD wallet, containing 1.5 million tokens, while Curve Finance boasts the fifth, housing approximately 998,658 PYUSD.
A noteworthy 966,936 PYUSD finds its home on Uniswap, paired with USDC, making it the sixth-largest PYUSD account. Intriguingly, the identity of the seventh largest PYUSD holder remains a mystery; however, their wallet is brimming with 859,335 PYUSD. This mystery address also shelters .08 million in various digital assets, including a substantial .4 million in wall street memes (WSM) and 5K in worldcoin (WLD).
Coinbase and Uniswap lay claim to the eighth and ninth-largest PYUSD wallets, respectively. Rounding out the top ten, another anonymous entity emerges as the tenth largest PYUSD holder, with approximately 500,000 PYUSD in their possession, having received the funds directly from Coinbase.
What do you think about the increase in PYUSD’s overall supply? Share your thoughts and opinions about this subject in the comments section below.
Paypal Selects Crypto.com as ‘Preferred Exchange’ for PYUSD Stablecoin
Paypal has chosen Crypto.com as the “preferred exchange” for its recently launched stablecoin issued by the blockchain company Paxos. The partnership with the trading platform seeks to prop the U.S. dollar-pegged cryptocurrency which has already listed the coin and provides liquidity for its market.
Crypto.com Joins Payments Giant Paypal and Fintech Firm Paxos to ‘Further Enable Paypal USD’
Crypto.com announced a partnership with Paypal that aims to establish the digital assets exchange as the preferred trading platform for the online payment provider’s new paypal usd (PYUSD) stablecoin. In a press release, the crypto firm highlighted it has already listed the new currency and is currently the exchange with the deepest liquidity for its trading pairs.
Paypal introduced the stablecoin in early August with the stated goal to eventually making it an integral part of its payments infrastructure. PYUSD is issued by the New York-based Paxos Trust Company on the Ethereum blockchain and is reportedly redeemable 1:1 for U.S. dollars, backed by dollar deposits, short-term Treasury securities, and comparable assets.
“PayPal has been a true pioneer in the digital commerce evolution and Paxos is a market-leading issuer of stablecoins. We are tremendously excited to team up with them to collectively advance the crypto frontier,” said Crypto.com’s Senior Vice President and Head of Payment Partnerships Joe Anzures. He elaborated:
Connecting our more than 80 million users to the latest crypto innovations, as well as supporting Paypal’s global network of consumers and merchants, will be pivotal in our continued pursuit of crypto to every wallet.
The partnership expands the integration between the financial giant and the crypto exchange which offers users of its Visa Card the option to top it up with Paypal. Furthermore, PYUSD deposits are already available to Crypto.com retail users via the platform’s app and the exchange promises trading features in the near future.
PYUSD isn’t Paypal’s only initiative in the crypto space. Last year, the payment processor allowed users to send and receive popular cryptocurrencies like bitcoin and ether. Media reports unveiled that the company has filed a patent application for a non-fungible token (NFT) marketplace this year. Earlier this month, Paypal announced it’s introducing on- and off-ramps to facilitate crypto payments for Web3 platforms such as digital wallets and decentralized apps.
Do you expect Paypal to dive even deeper into the crypto space? Tell us in the comments section below.