PayPal Announces Alex Chriss as New CEO, Aims for DeFi Integration After Stablecoin Launch | Blockster

In a strategic leadership shift, PayPal has revealed that Alex Chriss, the current Chief Product Officer of Intuit, will take over as CEO starting September 27th, succeeding Dan Schulman. Schulman, who has led PayPal as President and CEO since 2014, had previously announced his plan to step down by the year's end and will continue as a director until May next year.

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Chriss, the Senior VP and CPO of Small Business at Intuit, has an impressive track record, including spearheading the $12 billion acquisition of Mailchimp in 2021. He will now steer PayPal toward its next phase of growth and expansion.

This move comes on the heels of PayPal's recent announcement of its own USD-backed stablecoin, PayPal USD (PYUSD). This new addition enables users to facilitate person-to-person payments and transfer currency between PayPal and external wallets.

In parallel, PayPal has introduced a Cryptocurrencies Hub, allowing users to manage crypto assets, including PYUSD, indicating the company's intention to further integrate cryptocurrencies into its offerings.

Jose Fernandez da Ponte, PayPal’s Senior VP of Blockchain, Crypto, and Digital Currencies, emphasized that the company's focus is to make PYUSD a versatile asset within the crypto landscape.
The stablecoin's initial integration aims to cater to DeFi's demands, positioning it as a credible contender to established alternatives like USDT and USDC.
Fernandez da Ponte outlined, “I think DeFi will be part of the first wave in the sense that we want to go where crypto users are using stablecoins today, and DeFi is a use case for that.”

Currently exclusive to the PayPal wallet, PYUSD is set to expand its reach. The company is actively working to make the stablecoin available on centralized exchanges (CEXs). Once achieved, users can leverage PYUSD across various applications within the Ethereum ecosystem due to its ERC-20 compatibility.

Fernandez da Ponte stressed that PYUSD's development ensures compliance with US regulations, with Paxos serving as the official issuer. This strategic alignment with regulatory standards is expected to position PayPal's stablecoin as a significant player in the US market, further solidifying the company's pioneering presence in the crypto sector.