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Online payments giant PayPal announced this morning that it will launch its own stablecoin called PayPal USD (PYUSD), which will be backed by the US dollar and regulated by the New York State Department of Financial Services.
This move is seen as an important step for PayPal to enter the cryptocurrency space and compete with other stablecoins such as Tether (USDT) and USD Coin (USDC).
Tether CTO Paolo Ardoino: “PYUSD Doesn't Affect Us”
However, Paolo Ardoino, chief technology officer of Tether, the company behind USDT, said that the launch of PYUSD will not affect Tether because the firm does not serve US users.
He said Tether is instead focusing on emerging markets and developing countries where demand for a stable and liquid digital currency is high.
“We do not expect any impact on USDT, but this will be positive for the crypto industry in general,” Ardoino said in an interview.
“This is an interesting situation. Another stablecoin in the US could lead to reduced revenues for payments, mainly feeding Mastercard and Visa. It will also help the industry grow further and push for sensible regulation.”
Ardoino also suggested that PYUSD could influence Tether's competition, though not to name but implicitly, the USDC issued by the Circle. He pointed out that USDC is more focused on the US market, while Tether has a global reach and presence.
*Not investment advice.