For a few surreal moments on Oct. 15, the Ethereum blockchain seemed to host the financial equivalent of a dream. Paxos, the issuer behind PayPal’s stablecoin PYUSD, accidentally minted $300 trillion worth of tokens, which is roughly 300 times the global GDP, before burning them just as fast. The minting, visible on Ethereum’s public ledger, […]
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The supply deluge was quickly reversed with burn mechanism.
The company said it has since burned the excess tokens, and that the root cause of the incident has been addressed.
The move will unlock new commerce use cases, particularly in emerging markets where dollar-based payments have the biggest impact.
On Saturday, Stellar's XLM surged 6% to $0.3880, making it the top performer by percent change among the top 20 cryptocurrencies by market cap.
PayPal USD (PYUSD) plans to use Stellar for new payments and remittance use cases, as well as bringing PayFi options to millions of users and merchants.
Payment giant PayPal is rolling out a new rewards initiative that will allow US users holding its PYUSD stablecoin to earn up to 3.7% interest annually, according to an April 23 statement. The program will begin this summer and be available across both PayPal and Venmo platforms. PYUSD reward program PYUSD is a US dollar-backed […]
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The move is meant to increase adoption of PYUSD amid growing competition in the stablecoin market
Traditional financial giants Bank of America and PayPal are making bold moves in the stablecoin sector, signaling the rising institutional interest in the sector, which is worth over $200 billion. On Feb. 26, reports emerged that the Bank of America would introduce a stablecoin once the US regulatory landscape became apparent. At the same time, […]
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Coinbase said it will assess reenabling services for stablecoins that achieve MiCA compliance at a later date.
The partnership is designed to expand access to PYUSD in Asian and African markets, PayPal said.
As part of the program, developers can apply for up to $60,000 in grant funding to support their projects.
Paxos’ goal is to support assets and chains based on customers’ interests and its own end-user preferences, the company said.
In 2020, PayPal began allowing individual retail customers to buy, sell, and hold crypto directly from their PayPal and Venmo accounts.
Ethereum (ETH) is not the best solution for payments, according to PayPal’s Vice President of Blockchain, Crypto, and Digital Currencies (BCDC) unit, Jose Fernandez da Ponte. Ethereum Falls Short For Payment Purposes Speaking at the Solana Breakpoint 2024 conference, Ponte brought attention to Ethereum’s inability to handle a high volume of transactions as a key […]
Institutional crypto custodians like Coinbase offer competing rewards programs.
The speed and scalability of Solana makes PYUSD accessible, cost-effective and instantaneous, facilitating an array of use cases.
Online payment company PayPal is set to integrate its PayPal USD stablecoin (PYUSD) into the Solana (SOL) blockchain, which is increasingly becoming the preferred choice for memecoin issuers. This move follows the successful launch of PYUSD on the Ethereum (ETH) blockchain and its subsequent addition to PayPal’s Venmo peer-to-peer (P2P) payments service. According to Bloomberg, […]
Confidential transfers allow merchants to provide confidentiality for transaction amounts to their consumers while maintaining visibility for regulatory purposes.
Total PayPal USD in circulation amounted to $188.5 million in March, or 39% less than in February 2024.