⚡️Successful Integration is Key: PayPal and its Stablecoin PYUSD Surpass the Competition

⚡️Successful Integration is Key: PayPal and its Stablecoin PYUSD Surpass the Competition

Let's recall that PayPal USD (PYUSD) was issued by Paxos Trust Company, a limited purpose trust company regulated by the New York State Department of Financial Services. Thus, the stablecoin is denominated in US dollars and fully backed by USD deposits, US Treasury bonds, and similar cash equivalents. Since its launch in August 2023, its market capitalization has doubled and daily transaction volumes have increased by 600%.

➡️ Successful Integration Number One: At the recently concluded Consensus 2024 conference, company representatives announced that PYUSD will expand to the Solana blockchain with its high-speed and low-cost infrastructure, significantly reducing operating costs. Consumers (both individuals and businesses) will also benefit. Users of PayPal and Venmo wallets will have a single PYUSD balance regardless of the blockchain.

➡️ Successful Integration Number Two: with the cryptocurrency payment platform Triple-A. Thanks to this partnership, Triple-A expects to double its payment volumes by the end of 2024.

➡️ Recently, PayPal excluded the purchase of non-fungible tokens (NFTs) from its purchase protection program, which began on May 20. This mainly applies to transactions between $10,000.01 and $10,000, if not considered unauthorized. Overall, the NFT market has decreased considerably: sales volumes have dropped, and major platforms like GameStop have closed their NFT marketplaces due to regulatory uncertainty.

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