PayPal Digital Receives Digital Asset Trust License from NYDFS

The New York State Department of Financial Services (NYDFS) recently granted PayPal Digital a limited purpose trust license, which is typically held by digital asset custodians and stablecoin issuers. In August last year, PayPal launched its first stablecoin PYUSD issued by a large technology company, which was technically issued by Paxos Trust Company, which also holds an NYDFS trust license and has been a partner of PayPal since it launched cryptocurrency services. . This time PayPal Digital obtained a trust license, it may be aimed at taking over the custody of crypto assets for PayPal customers and internalizing stablecoin issuance. Currently, PYUSD has a market capitalization of nearly $400 million, a significant increase from $190 million in early April. The top five wallets account for 71% of balances, with major holders including Paxos, Crypto.com, Curve, Defiance Capital and Frax. Of this, Crypto.com and Bullish exchanges hold $103 million and $23 million respectively. (Ledger Insights)