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Global payments giant PayPal today announced the launch of its own stablecoin, PayPal USD (PYUSD), to expand its crypto services and provide more choice to its customers.
Paxos Trust Co., the digital asset custodian of PayPal's own stablecoin, PYUSD. It is stated that it will be removed by
Evaluating PayPal's move, Patrick McHenry, chair of the US House Financial Services Committee, said that this development highlights the need for a clear regulatory framework for stablecoins in the payment system.
Stating that there should be a regulatory framework for the cryptocurrency industry, Patrick McHenry stated that the time has come for Congress to introduce legislation for comprehensive digital asset regulation, especially for stablecoins:
“This move by PayPal, if issued under a clear regulatory framework, is a clear sign that stablecoins will become a pillar of our 21st century payments system.
Clear regulations and strong consumer protections are essential to ensure stablecoins reach their full potential.
Therefore, it is more important than ever for Congress to pass legislation that provides comprehensive digital asset regulation, especially for stablecoins.
The Net of Payments Stablecoins Act recognizes the powerful role states play in regulating digital asset companies and builds on successful state regimes like New York's.
We are now at a crossroads to keep America at the forefront of digital asset innovation. Congress is making significant and nonpartisan legislative progress to enable the United States to lead the financial system of the future. We have to finish the job.”
*Not investment advice.