PayPal aiming for DeFi push after stablecoin launch – SVP Blockchain, crypto PayPal aiming for DeFi push after stablecoin launch – SVP Blockchain, crypto
He added that stablecoins' main use case currently is in DeFi and Paypal wants to ensure its token is a viable alternative to rivals like USDT and USDC.
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Updated: Aug. 14, 2023 at 12:44 am UTC
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PayPal intends to continue its push into the crypto industry by integrating its newly launched stablecoin PYUSD with the decentralized finance (DeFi) ecosystem.
PayPal’s senior vice president of blockchain, crypto, and digital currencies, Jose Fernandez da Ponte, said during an appearance on the Unchained Podcast that the firm wants its stablecoin to be useable for every use case in the crypto industry.
He added that stablecoins’ current use case in DeFi and Paypal wants to ensure its token is a viable alternative to rivals like USDT and USDC.
Da Ponte said:
“I think DeFi will be part of the first wave in the sense that we want to go where crypto users are using stablecoins today, and DeFi is a use case for that.”
PYUSD is currently only available through the PayPal wallet and has yet to become available through centralized exchanges. Da Ponte said the firm is currently focused on ensuring its stablecoin can become available in CEXs as soon as possible.
He added that once that barrier is cleared, people can utilize PYUSD for almost any purpose in the ecosystem as its fully compatible with Ethereum due to being an ERC-20 token.
Da Ponte said that PYUSD is fully compatible with Ethereum (ETH) since it’s an ERC-20 token and was developed as a viable alternative to stablecoins currently being used in the market.
He also highlighted that the stablecoin is fully compliant with U.S. regulations and is poised to take a significant chunk of the market share in the country. He said:
“It’s noteworthy that Paxos is the official issuer, receiving approval from the New York Department of Financial Security (DFS). Given New York’s stringent mandates related to KYC (Know Your Customer) and anti-money laundering, we’ve ensured the requisite controls are firmly in place.”
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Assad Jafri
AJ, a passionate journalist since Yemen's 2011 Arab Spring, has honed his skills worldwide for over a decade. Specializing in financial journalism, he now focuses on crypto reporting.
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PayPal
PayPal is an American multinational financial technology firm that operates an online payment system in most countries that permits online money transfers and serves as an electronic replacement for conventional paper methods like checks and money orders.