[Golden Financial News] The New York State Department of Financial Services (NYDFS) recently granted PayPal Digital a limited purpose trust license, which is usually held by digital asset custodians and stablecoin issuers. Last year, PayPal launched PYUSD, the first stablecoin issued by a major technology company, issued by Paxos Trust Company, which also holds an NYDFS trust license. This time PayPal obtained a trust license, which may mean that it will take over the custody of customers' crypto assets and internalize the issuance of stable coins. Currently, PYUSD has a market capitalization of nearly $400 million, a significant increase from $190 million in early April. The top five wallets account for 71% of stablecoin balances, with major holders including Paxos, Crypto.com, Curve (DeFi), Defiance Capital, and Frax (DeFi). Among them, Crypto.com and Bullish exchange hold US$103 million and US$23 million respectively. In November last year, the U.S. Securities and Exchange Commission (SEC) issued a subpoena requesting documents related to the issuance of the PYUSD stablecoin. PayPal did not respond to requests for comment on the specific uses of the trust license.