By Hannah Lang WASHINGTON (Reuters) - PayPal's stablecoin is likely to succeed where Facebook's failed, thanks to the payment giant's standing in ...
STORY CONTINUES BELOW THESE SALTWIRE VIDEOSBy Hannah Lang
The move, which comes as PayPal transitions to a new CEO announced last week, seems risky after Facebook's stablecoin was crushed by political opposition, and as regulators home in on the crypto sector following several meltdowns. "Since then the administration, Congress and the Federal Reserve have had time to get their minds around stablecoins and stablecoin regulation and there has been very extensive public relations by the industry, including a lot of lobbying.”
"There is still a wall between banking and commerce, so knowing that PayPal is very clearly on one side of that wall should assuage lawmakers."PayPal USD will be issued by digital trust company Paxos Trust, backed by dollar deposits and U.S Treasuries, and subject to oversight by the New York State Department of Financial Services.
When Facebook unveiled Libra, a stablecoin whose operations were based in Switzerland and which was pegged to a basket of currencies, executives made no secret of their ambitions. They said they wanted to revolutionize the global financial system. According to one former official with direct knowledge of the matter, the decision on approving Libra coincided with the transition to President Joe Biden's administration in January 2021. While the Fed had been working on the issue for some time, the decision ultimately fell to the new Treasury Secretary Janet Yellen. She wanted time to fully analyze the issues, this person said.The White House and the Fed declined to comment.
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