{"id":546185,"date":"2023-08-08T10:30:23","date_gmt":"2023-08-08T10:30:23","guid":{"rendered":"https:\/\/wncen.com\/?p=546185"},"modified":"2024-06-11T08:05:24","modified_gmt":"2024-06-11T08:05:24","slug":"paypal-pyusd-launch-triggers-calls-for-stablecoin-bill","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/paypal-pyusd-launch-triggers-calls-for-stablecoin-bill\/","title":{"rendered":"PayPal\u2019s PYUSD Launch Triggers Calls For Stablecoin Bill"},"content":{"rendered":"

United States Republican Patrick T. McHenry, Chair of the House Financial Services Committee, has released a <\/span>statement<\/span><\/a> calling for the need to pass the Stablecoin Bill in the wake of PayPal\u2019s launch of its own stablecoin PYUSD.\u00a0<\/span><\/p>\n

The Call For A Stablecoin Law<\/h2>\n

According to the statement, McHenry believes stablecoins are the \u201cpillar of our 21st-century payments system.\u201d However, they must be regulated to reach their full potential.\u00a0<\/span><\/p>\n

\n
Related Reading: TRON\u2019s Justin Sun Reassures Crypto Community That Huobi Exchange Is Solvent<\/a><\/div>\n<\/div>\n

\u00a0Part of the statement read:<\/span><\/p>\n

This announcement [Paypal\u2019s PYUSD Launch] is a clear signal that stablecoins\u2014if issued under a clear regulatory framework\u2014hold promise as a pillar of our 21st century payments system,\u201d said Chairman McHenry. \u201cClear regulations and robust consumer protections are essential to enabling stablecoins to achieve their full potential. That\u2019s why it\u2019s more important than ever that Congress enact legislation to provide comprehensive digital asset regulation, especially for stablecoins.”<\/span><\/p><\/blockquote>\n

McHenry also recognizes the role of Congress in providing regulatory certainty to the crypto industry and the need to enact these laws that can keep the US at the \u201cforefront of digital innovation.”<\/span><\/p>\n

The bipartisan Clarity for Payment Stablecoins Act recognizes the strong role that states have played in regulating digital asset firms and builds on successful state regimes, like New York\u2019s. We are currently at a crossroads to keep America at the forefront of digital asset innovation. Congress is making significant, bipartisan progress on legislation to ensure the U.S. leads the financial system of the future. We must finish the job.<\/span><\/p><\/blockquote>\n

The bipartisan Clarity for Payment Stablecoins Act, which was advanced by the House Financial Services Committee last month, is a legislative framework that seeks to regulate payment stablecoins. Many will be hoping that this bill could spearhead the passing of other crypto-related bills.\u00a0<\/span><\/p>\n

PayPal Continues Journey Into Web3<\/h2>\n

On August 7, payment platform PayPal <\/span>announced<\/span><\/a> the launch of its dollar-backed stablecoin, PayPal (PYUSD), in collaboration with Paxos (Paxos also happens to be the issuer of Binance\u2019s BUSD). This is part of Paypal\u2019s efforts to increase its Web3 offerings as the company believes that fully-backed, regulated stablecoins can transform payments in the Web3 space.<\/span><\/p>\n

\n
Related Reading: Ethereum Whale $4.5 Million Burn Shocks ETH Community, What\u2019s Going On?<\/a><\/div>\n<\/div>\n

“The shift toward digital currencies requires a stable instrument that is both digitally native and easily connected to fiat currency like the U.S. dollar,” said Paypal\u2019s President and CEO Dan Schulman.<\/span> “Our commitment to responsible innovation and compliance, and our track record delivering new experiences to our customers, provides the foundation necessary to contribute to the growth of digital payments through PayPal USD.”<\/span><\/p>\n

This isn\u2019t Paypal\u2019s first attempt at launching a stablecoin. In 2021, the company explored the possibility of launching a stablecoin but faced a setback following heightened regulatory scrutiny from the US Securities and Exchange Commission (SEC).\u00a0<\/span><\/p>\n

\"Crypto<\/p>\n

Total market cap sitting at $1.125 trillion | Source: Crypto Total Market Cap on Tradingview.com<\/a><\/pre>\n
Featured image from History Computer, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"
United States Republican Patrick T. McHenry, Chair of the House Financial Services Committee, has released a statement calling for the need to pass the Stablecoin Bill in the wake of PayPal\u2019s launch of its own stablecoin PYUSD.\u00a0 The Call For A Stablecoin Law According to the statement, McHenry believes stablecoins are the \u201cpillar of our 21st-century payments system.\u201d However, they must be regulated to reach their full potential.\u00a0 Related Reading: TRON\u2019s Justin Sun Reassures Crypto Community That Huobi Exchange Is Solvent \u00a0Part of the statement read: This announcement [Paypal\u2019s PYUSD Launch] is a clear signal that stablecoins\u2014if issued under a clear regulatory framework\u2014hold promise as a pillar of our 21st century payments system,\u201d said Chairman McHenry. \u201cClear regulations and robust consumer protections are essential to enabling stablecoins to achieve their full potential. That\u2019s why it\u2019s more important than ever that Congress enact legislation to provide comprehensive digital asset regulation, especially for stablecoins.” McHenry also recognizes the role of Congress in providing regulatory certainty to the crypto industry and the need to enact these laws that can keep the US at the \u201cforefront of digital innovation.” The bipartisan Clarity for Payment Stablecoins Act recognizes the strong role that states have played in regulating digital asset firms and builds on successful state regimes, like New York\u2019s. We are currently at a crossroads to keep America at the forefront of digital asset innovation. Congress is making significant, bipartisan progress on legislation to ensure the U.S. leads the financial system of the future. We must finish the job. The bipartisan Clarity for Payment Stablecoins Act, which was advanced by the House Financial Services Committee last month, is a legislative framework that seeks to regulate payment stablecoins. Many will be hoping that this bill could spearhead the passing of other crypto-related bills.\u00a0 PayPal Continues Journey Into Web3 On August 7, payment platform PayPal announced the launch of its dollar-backed stablecoin, PayPal (PYUSD), in collaboration with Paxos (Paxos also happens to be the issuer of Binance\u2019s BUSD). This is part of Paypal\u2019s efforts to increase its Web3 offerings as the company believes that fully-backed, regulated stablecoins can transform payments in the Web3 space. Related Reading: Ethereum Whale $4.5 Million Burn Shocks ETH Community, What\u2019s Going On? “The shift toward digital currencies requires a stable instrument that is both digitally native and easily connected to fiat currency like the U.S. dollar,” said Paypal\u2019s President and CEO Dan Schulman. “Our commitment to responsible innovation and compliance, and our track record delivering new experiences to our customers, provides the foundation necessary to contribute to the growth of digital payments through PayPal USD.” This isn\u2019t Paypal\u2019s first attempt at launching a stablecoin. In 2021, the company explored the possibility of launching a stablecoin but faced a setback following heightened regulatory scrutiny from the US Securities and Exchange Commission (SEC).\u00a0 Total market cap sitting at $1.125 trillion | Source: Crypto Total Market Cap on Tradingview.com Featured image from History Computer, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":546189,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[3378,89059,89061,11164,89058,89060],"class_list":["post-546185","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-paypal","tag-paypal-stablecoin","tag-pyusd","tag-stablecoin","tag-stablecoin-bill","tag-stablecoin-regulation"],"acf":[],"yoast_head":"\nPayPal\u2019s PYUSD Launch Triggers Calls For Stablecoin Bill<\/title>\n<meta name=\"description\" content=\"United States Republican Patrick T. 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Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers. Scott\u2019s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott\u2019s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life. With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors. In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else. Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies. Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/MathersonScott"],"url":"https:\/\/wncen.com\/author\/mathersonscott1\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"PayPal\u2019s PYUSD Launch Triggers Calls For Stablecoin Bill","url":"http:\/\/wncen.com\/news\/paypal-pyusd-launch-triggers-calls-for-stablecoin-bill\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/paypal-pyusd-launch-triggers-calls-for-stablecoin-bill\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/08\/PayPal-PYUSD-Stablecoin.jpeg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/08\/PayPal-PYUSD-Stablecoin.jpeg?fit=2560%2C1705"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Scott Matherson"}],"creator":["Scott Matherson"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["paypal","paypal stablecoin","pyusd","stablecoin","stablecoin bill","stablecoin regulation"],"dateCreated":"2023-08-08T10:30:23Z","datePublished":"2023-08-08T10:30:23Z","dateModified":"2024-06-11T08:05:24Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"PayPal\\u2019s PYUSD Launch Triggers Calls For Stablecoin Bill\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/paypal-pyusd-launch-triggers-calls-for-stablecoin-bill\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/paypal-pyusd-launch-triggers-calls-for-stablecoin-bill\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/08\\\/PayPal-PYUSD-Stablecoin.jpeg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/08\\\/PayPal-PYUSD-Stablecoin.jpeg?fit=2560%2C1705\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Scott Matherson\"}],\"creator\":[\"Scott Matherson\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"paypal\",\"paypal stablecoin\",\"pyusd\",\"stablecoin\",\"stablecoin bill\",\"stablecoin regulation\"],\"dateCreated\":\"2023-08-08T10:30:23Z\",\"datePublished\":\"2023-08-08T10:30:23Z\",\"dateModified\":\"2024-06-11T08:05:24Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/08\/PayPal-PYUSD-Stablecoin.jpeg?fit=2560%2C1705","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/546185"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/594"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=546185"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/546185\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/546189"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=546185"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=546185"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=546185"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}