tl;dr
PayPal's PYUSD stablecoin has received a limited-purpose trust charter from the New York Department of Financial Services, indicating its plans to bring issuance and custody of client assets in-house. The stablecoin's market cap has doubled since April, reaching nearly $400 million, but the top five...
PayPal's PYUSD stablecoin has received a limited-purpose trust charter from the New York Department of Financial Services, indicating its plans to bring issuance and custody of client assets in-house. The stablecoin's market cap has doubled since April, reaching nearly $400 million, but the top five wallets hold 71% of the balance.
PayPal is facing legal questions from the SEC enforcement division regarding the stablecoin's issuance, despite its assurance of being fully backed by U.S. dollar deposits. The SEC is concerned about the proliferation of private USD stablecoins and their potential impact on national security and illicit activities.
An opinion piece questions the need for more private stablecoins on Ethereum, highlighting Ethereum's limitations and the potential risks of holding funds in privately issued currencies. It suggests that a single stablecoin issued on a scalable, low-fee blockchain is needed for industry improvement.
Last August, PayPal launched its PYUSD stablecoin. This week, PayPal Digital received its limited-purpose trust charter from the NYDFS, indicating its intentions to bring issuance and custody of client assets in-house. The PYUSD market cap has more than doubled since April, growing from $190 million to just short of $400 million at press time. However, the top five wallets hold 71% of the balance, and seventeen wallets in all hold 97% of the PYUSD holdings.
Legal questions from the SEC enforcement division persist despite PayPal's assurance that PYUSD is fully backed by U.S. dollar deposits and similar cash equivalents. The SEC is concerned about the uncontrolled proliferation of such stablecoins and their potential impact on national security and illicit activities.
An opinion piece questions the need for more private stablecoins on Ethereum, highlighting Ethereum's limitations and the potential risks of holding funds in privately issued currencies. It suggests that a single stablecoin issued on a scalable, low-fee blockchain is needed for industry improvement.
More about ZEEKR Intelligent Technology Holding Limited
ZEEKR Intelligent Technology Holding Limited, an investment holding company, engages in the research and development, production, commercialization, and sale of electric vehicles and batteries.
Industry: TECHNOLOGY
Sector: GENERAL
Support Levels: None
Resistance Levels: None
Bullish Trend Indicators: 0
Bearish Trend Indicators: 0
Breakout Potential: 0
Head and Shoulders Pattern: None
Relative Strength Index (RSI): 0
Moving Averages: 0
Bollinger Bands: None
More about PayPal Holdings Inc
Company: PayPal Holdings Inc
Industry: Trade & Services
Sector: Services-Business Services, NEC
Market Cap: $304.29 billion
Current Price: $76.39
PE Ratio: 28.0
Dividend Yield: 0.094
EPS: 15.87
Revenue: $30.43 billion
Net Income Margin: 15.87%
Debt to Equity: 0.143
PayPal Holdings, Inc. is an American company operating an online payments system in the majority of countries that support online money transfers, and serves as an electronic alternative to traditional paper methods like checks and money orders. The company operates as a payment processor for online vendors, auction sites, and many other commercial users, for which it charges a fee.