Odaily Planet Daily News Tether Chief Technology Officer Paolo Ardoino said that the payment giant PayPal launched the stable currency PYUSD earlier today, and it will not affect USDT in any way.
He said that this is because the PayPal stablecoin PYUSD was launched in the United States, while Tether (USDT) did not provide services in the United States. But when asked if PYSDC was launching internationally, Ardoino said it would be a positive for the crypto industry as a whole.
Additionally, Ardoino believes that another way the launch of PYUSD could help USDT is that it may reduce competition from Tether. Ardoino said, "This could mean a further decline in our competition, which is mainly concentrated in the United States." (The Block)
According to previous reports, PayPal announced the launch of PayPal USD (PYUSD), a U.S. dollar stablecoin for transfers and payments. The stablecoin is issued by Paxos Trust Co. and is backed by U.S. dollars, short-term Treasury bills and cash equivalents. PYUSD will be gradually opened to PayPal customers in the United States.