PayPal launches stablecoin PYUSD, triggering market carnival! 🥳
In terms of digital assets, PayPal became the first mainstream financial institution in the United States to launch a stablecoin (PYUSD), which will be issued by Paxos Trust and launched on the Ethereum network. The stablecoin will be denominated in U.S. dollar deposits, short-term Treasury bonds, and cash equivalents. Supported by a 1:1 ratio, it is clear that this news has been warmly welcomed by the cryptocurrency field, and participants hope to see more traditional institutions truly participate.
Interestingly, the original plan for PYUSD was to launch on the Solana blockchain in 2022 in partnership with now-disgraced FTX founder SBF, and like many things in the cryptocurrency space, the reality of 2022 has a lot to do with expectations. Big difference, people can't help but wonder what the situation would be like now if some key figures had acted or made slightly different choices at the time.
