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REUTERS/Fabrizio Bensch/File Photo Acquire Licensing RightsWASHINGTON, Aug 21 (Reuters) - PayPal's (PYPL.O) stablecoin is likely to succeed where Facebook's failed, thanks to the payment giant's standing in Washington and policymakers' greater understanding of the issues in the last three years. "From a policy perspective, there is a seismic difference between Facebook's Libra and PayPal's stablecoin," said Isaac Boltansky, director of policy research for brokerage BTIG. Dan Dolev, a senior analyst at Mizuho, said PayPal USD is not a game-changer for PayPal investors. When Facebook unveiled Libra, a stablecoin whose operations were based in Switzerland and which was pegged to a basket of currencies, executives made no secret of their ambitions. Facebook rebranded Libra, scaled it back and moved the project to the United States, in a bid to win U.S. regulatory approval.

Persons: Fabrizio Bensch, stablecoin, Facebook's, Christopher Giancarlo, PayPal's, Isaac Boltansky, Dan Schulman, Dan Dolev, Maxine Waters, Joe Biden's, Janet Yellen, Yellen, TerraUSD, stablecoins, There's, Jack Fletcher, Patrick McHenry, Hannah Lang, Andrea Shalal, Pete Schroeder, Niket, Michelle Price, Matthew Lewis Organizations: PayPal, REUTERS, Rights, U.S ., Facebook, U.S . Commodity Futures Trading Commission, Federal Reserve, Meta, Paxos Trust, New York State Department of Financial Services, Mizuho, Financial Services, Treasury, Congress, prudential, Republican, Thomson Locations: Berlin, Germany, Washington, U.S, Switzerland, United States, transact, stablecoins, Bengaluru

☆ PayPal is diving deeper into crypto by launching its own stablecoin—what investors should know
▼ + stars: | 2023-08-10 | by ( Cheyenne Devon | ) www.cnbc.com time to read: +2 min

PayPal has added a new cryptocurrency to its roster: PayPal USD (PYUSD). On Monday, the online payments service became the first major U.S. financial company to launch its own U.S. dollar-backed stablecoin. PayPal USD is "100% backed by U.S. dollar deposits, short-term U.S. Treasuries and similar cash equivalents," according to a Monday press release. Additionally, PayPal's stablecoin is redeemable 1:1 for U.S. dollars, which means one PayPal USD can be redeemed for one U.S. dollar and vice versa. Notably, Paxos was ordered to stop issuing Binance's dollar-pegged stablecoin, BUSD, by the New York State Department of Financial Services in February.

Persons: PYUSD, Paxos, PayPal's, Dan Schulman Organizations: PayPal, U.S ., U.S, Paxos Trust Company, New York State Department of Financial Services

☆ Congresswoman Waters 'deeply concerned' about PayPal's stablecoin launch
▼ + stars: | 2023-08-09 | by ( ) www.reuters.com time to read: +1 min

Representative Maxine Waters (D-CA) walks in the chamber of the U.S. House of Representatives ahead of President Joe Biden's first State of the Union Address in the U.S. Capitol in Washington, DC, U.S, March 1, 2022. Sarahbeth Maney/Pool via REUTERSAug 9 (Reuters) - Democrat Congresswoman Maxine Waters said on Wednesday she was "deeply concerned" about payment giant PayPal (PYPL.O) launching its own stablecoin in the absence of a federal framework to regulate digital assets. Earlier this week, PayPal became the first major financial technology firm to embrace digital currencies for payments and transfers with the launch of a U.S. dollar stablecoin, dubbed PayPal USD. "Given PayPal's size and reach, Federal oversight and enforcement of its stablecoin operations is essential in order to guarantee consumer protections and alleviate financial stability concerns," Waters said in a statement. Similar attempts by other well-known non-crypto companies, including Meta Platforms (META.O), to launch a stablecoin have met fierce opposition from financial regulators and policymakers around the world.

Persons: Maxine Waters, Joe Biden's, Sarahbeth, Waters, Manya Saini, Shinjini Organizations: U.S . House, U.S, Capitol, REUTERS, PayPal, Meta, U.S . House Financial, Thomson Locations: Washington , DC, U.S, Bengaluru

☆ PayPal becomes first major fintech to launch dollar-backed stablecoin
▼ + stars: | 2023-08-07 | by ( Jaiveer Shekhawat | ) www.reuters.com time to read: +2 min

REUTERS/Fabrizio Bensch/File PhotoAug 7 (Reuters) - Payments giant PayPal (PYPL.O) said on Monday it has launched a U.S. dollar stablecoin, becoming the first major financial technology firm to embrace digital currencies for payments and transfers. Prior attempts by major mainstream companies to launch stablecoins have met fierce opposition from financial regulators and policymakers. Meta's (META.O), then Facebook, 2019 plans to launch a stablecoin, Libra, were foiled after regulators raised fears it could upset global financial stability. PayPal's stablecoin, dubbed PayPal USD, is backed by U.S. dollar deposits and short-term U.S Treasuries, and will be issued by Paxos Trust Co. Argus Research Corp analyst Stephen Biggar said PayPal's brand name makes the stablecoin launch significant but the company has been associated with crypto previously so it's not a surprise.

Persons: Fabrizio Bensch, PayPal's stablecoin, Stephen Biggar, PayPal's, Jaiveer Singh, Manya, Tom Wilson, Nivedita Bhattacharjee, Shounak Dasgupta, Shinjini Organizations: PayPal, REUTERS, European Union, U.S . House Financial Services, U.S, Paxos Trust, Argus Research Corp, Visa, Manya Saini, Thomson Locations: Berlin, Germany, Britain, United States, Bengaluru, London

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