{"id":546659,"date":"2023-08-10T12:00:41","date_gmt":"2023-08-10T12:00:41","guid":{"rendered":"https:\/\/wncen.com\/?p=546659"},"modified":"2024-06-11T14:39:27","modified_gmt":"2024-06-11T14:39:27","slug":"us-congresswoman-raises-concerns-about-paypal-pyusd-stablecoin","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/us-congresswoman-raises-concerns-about-paypal-pyusd-stablecoin\/","title":{"rendered":"US Congresswoman Raises Concerns About Paypal Stablecoin In The Absence Of Regulation"},"content":{"rendered":"<p><span style=\"font-weight: 400\">Earlier this week, popular American payment giant Paypal <\/span><a href=\"https:\/\/wncen.com\/stablecoin\/paypal-pyusd-launch-triggers-calls-for-stablecoin-bill\/#:~:text=On%20August%207%2C%20payment%20platform,the%20issuer%20of%20Binance's%20BUSD).\"><span style=\"font-weight: 400\">unveiled<\/span><\/a><span style=\"font-weight: 400\"> the launch of its USD-pegged PYUSD stablecoins to investors. In response, Democrat congresswoman Maxine Waters has raised palpable concerns that may or may not threaten the stablecoin\u2019s operations.<\/span><\/p>\n<h2>Waters Raises Regulatory Concerns<\/h2>\n<p><span style=\"font-weight: 400\">Reacting to the news of Paypal\u2019s PYUSD stablecoin launch, congresswoman Maxine Waters <\/span><a href=\"https:\/\/democrats-financialservices.house.gov\/news\/documentsingle.aspx?DocumentID=410725\" rel=\"nofollow\"><span style=\"font-weight: 400\">noted<\/span><\/a><span style=\"font-weight: 400\"> that the launch comes at a time when there was no legislative mechanism to regulate these assets.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">She stated that \u201cgiven PayPal\u2019s size and reach, federal oversight and enforcement of its stablecoin operations is essential in order to guarantee consumer protections and alleviate financial stability concerns.\u201d She further noted that \u201cstablecoins represent the issuance of a new form of money, making it integral that there are federal guardrails.\u201d\u00a0<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/news\/solana\/solana-best-performer-in-tvl\/\">Solana Beats Out Ethereum To Emerge As Best Performer In Terms Of TVL<\/a><\/div>\n<p><span style=\"font-weight: 400\">Waters\u2019 recent comments are in contrast with those of the House Financial Services Committee Rep. Patrick McHenry, who had earlier lauded PayPal\u2019s launch. According to him, the recent announcement was \u201ca clear signal that stablecoin, if issued under a clear regulatory framework, holds promise as a pillar of our 21st century payment system\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400\">Last month, the US House Financial Services Committee also <\/span><a href=\"https:\/\/wncen.com\/stablecoin\/paypal-pyusd-launch-triggers-calls-for-stablecoin-bill\/\"><span style=\"font-weight: 400\">introduced a bill to set up a federal regulatory framework for stablecoins<\/span><\/a><span style=\"font-weight: 400\">, focusing on guidelines for registration and licensing for stablecoin issuers.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Although stablecoins have been around for several years, they have not been able to enjoy significant attention within the mainstream consumer payment ecosystem. Similar efforts by popular non-cryptocurrency firms, such as Meta Platforms, to launch stablecoin services faced harsh resistance from policymakers and global financial regulators.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">In the face of regulatory uncertainty, it is always critical whenever a lawmaker has something to say about virtual currencies.<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/www.tradingview.com\/x\/qT1v7F8w\/\" alt=\"PayPal stock price chart from Tradingview.com (PYUSD)\" width=\"2884\" height=\"1746\"><\/p>\n<pre style=\"text-align: center\">PYPL price remains volatile amid regulatory concerns | Source: <a href=\"http:\/\/Tradingview.com\" rel=\"nofollow\">PayPal Holdings, Inc. on Tradingview.com<\/a><\/pre>\n<h2>PayPal To Expand Into The Growing Stablecoin Industry<\/h2>\n<p><span style=\"font-weight: 400\">According to a report published on August 9 by popular market analyst Bernstein, the stablecoin industry is projected to reach a $2.8 trillion valuation in the next five years. This represents a whooping 22x increase from the present $125 billion valuation of the industry, and PayPal is looking to take advantage of this expected increase through its recent release of the <\/span><a href=\"https:\/\/wncen.com\/stablecoin\/can-pyusd-be-frozen-in-your-wallet\/\"><span style=\"font-weight: 400\">PYUSD stablecoin<\/span><\/a><span style=\"font-weight: 400\">.\u00a0<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/bitcoin-news\/billionaire-wishes-he-bought-bitcoin-early\/\">Billionaire Investor Wishes He Bought Bitcoin Early On, Here\u2019s Why<\/a><\/div>\n<p><span style=\"font-weight: 400\">The leading payment giant revealed that the stablecoin will be \u201c100% backed by US dollar deposits, short-term US Treasuries, and similar cash equivalents.\u201d The coins will be redeemable 1:1 for US dollars and issued by US-based Paxos Trust Co. Consumers will also be able to convert any crypto supported by PayPal to and from PayPal USD (PYUSD).\u00a0\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">However, aside from the current legislative tussle, PayPal will also face competition from existing players such as Tether and Circle. Tether\u2019s <\/span><a href=\"https:\/\/wncen.com\/stablecoin\/tether-reports-30-decline-in-profit\/\"><span style=\"font-weight: 400\">USDT<\/span><\/a><span style=\"font-weight: 400\"> and Circle\u2019s <\/span><a href=\"https:\/\/wncen.com\/stablecoin\/usdc-market-cap-drops-as-1-4-billion\/\"><span style=\"font-weight: 400\">USDC<\/span><\/a><span style=\"font-weight: 400\"> are the largest stablecoins, with market caps of over $83 billion and $26 billion, respectively.\u00a0<\/span><\/p>\n<div class=\"disclaimer-shortcode\">Featured image from Unsplash, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Earlier this week, popular American payment giant Paypal unveiled the launch of its USD-pegged PYUSD stablecoins to investors. In response, Democrat congresswoman Maxine Waters has raised palpable concerns that may or may not threaten the stablecoin\u2019s operations. Waters Raises Regulatory Concerns Reacting to the news of Paypal\u2019s PYUSD stablecoin launch, congresswoman Maxine Waters noted that the launch comes at a time when there was no legislative mechanism to regulate these assets.\u00a0 She stated that \u201cgiven PayPal\u2019s size and reach, federal oversight and enforcement of its stablecoin operations is essential in order to guarantee consumer protections and alleviate financial stability concerns.\u201d She further noted that \u201cstablecoins represent the issuance of a new form of money, making it integral that there are federal guardrails.\u201d\u00a0 Related Reading: Solana Beats Out Ethereum To Emerge As Best Performer In Terms Of TVL Waters\u2019 recent comments are in contrast with those of the House Financial Services Committee Rep. Patrick McHenry, who had earlier lauded PayPal\u2019s launch. According to him, the recent announcement was \u201ca clear signal that stablecoin, if issued under a clear regulatory framework, holds promise as a pillar of our 21st century payment system\u201d Last month, the US House Financial Services Committee also introduced a bill to set up a federal regulatory framework for stablecoins, focusing on guidelines for registration and licensing for stablecoin issuers.\u00a0 Although stablecoins have been around for several years, they have not been able to enjoy significant attention within the mainstream consumer payment ecosystem. Similar efforts by popular non-cryptocurrency firms, such as Meta Platforms, to launch stablecoin services faced harsh resistance from policymakers and global financial regulators.\u00a0 In the face of regulatory uncertainty, it is always critical whenever a lawmaker has something to say about virtual currencies. PYPL price remains volatile amid regulatory concerns | Source: PayPal Holdings, Inc. on Tradingview.com PayPal To Expand Into The Growing Stablecoin Industry According to a report published on August 9 by popular market analyst Bernstein, the stablecoin industry is projected to reach a $2.8 trillion valuation in the next five years. This represents a whooping 22x increase from the present $125 billion valuation of the industry, and PayPal is looking to take advantage of this expected increase through its recent release of the PYUSD stablecoin.\u00a0 Related Reading: Billionaire Investor Wishes He Bought Bitcoin Early On, Here\u2019s Why The leading payment giant revealed that the stablecoin will be \u201c100% backed by US dollar deposits, short-term US Treasuries, and similar cash equivalents.\u201d The coins will be redeemable 1:1 for US dollars and issued by US-based Paxos Trust Co. Consumers will also be able to convert any crypto supported by PayPal to and from PayPal USD (PYUSD).\u00a0\u00a0 However, aside from the current legislative tussle, PayPal will also face competition from existing players such as Tether and Circle. Tether\u2019s USDT and Circle\u2019s USDC are the largest stablecoins, with market caps of over $83 billion and $26 billion, respectively.\u00a0 Featured image from Unsplash, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":546663,"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":[3378,89087,89061,11164,89088],"class_list":["post-546659","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-paypal","tag-paypal-usd","tag-pyusd","tag-stablecoin","tag-us-congresswoman"],"acf":[],"yoast_head":"\n<title>US Congresswoman Raises Concerns About Paypal Stablecoin In The Absence Of Regulation<\/title>\n<meta name=\"description\" content=\"Earlier this week, popular American payment giant Paypal unveiled the launch of its USD-pegged PYUSD stablecoins to investors. 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