Odaily Planet Daily News PayPal Senior Vice President and General Manager of Blockchain, Cryptocurrency and Digital Currency Jose Fernandez da Ponte said in an interview that PayPal intends to continue to enter the market by integrating its newly launched stablecoin PYUSD with the DeFi ecosystem. Crypto industry.
It stated that the company wants its stablecoin to be available for all use cases in the crypto industry. He added that the stablecoin’s current use cases in DeFi and PayPal want to ensure its token is a viable alternative to competitors like USDT and USDC.
PYUSD is currently only available through the PayPal wallet and is not yet available on centralized exchanges. Da Ponte said that the company's current focus is to ensure that its stablecoin can be listed on CEX as soon as possible.
He added that once this hurdle is cleared, people can use PYUSD for almost any purpose in the ecosystem because it is fully compatible with Ethereum.
He also emphasized that the stablecoin is fully compliant with U.S. regulations and is poised to capture a sizeable market share in the country. As for international expansion, PayPal plans to start in the US before considering other markets. However, PayPal currently has no plans to peg the stablecoin to other fiat currencies other than the U.S. dollar. (CryptoSlate)