Huge crypto news today as business giant Pay Pal launches its very own United States Dollar backed cryptocurrency, Pay Pal USD (PYUSD). This is big news because not only will it bring crypto to users who haven't heard of it before but benefit Pay Pal as a company in so many aspects.

Pay Pal isn't the only major company that has looked into potential crypto ventures. In the past Meta was at one point looking to launch a cryptocurrency but regulators quickly voiced their concerns. 

Now, the next question you might ask is why hasn't Pay Pals crypto also been shut down by the SEC and other regulators? Well recently a bill laid out by the US government has been advanced giving guidance on stablecoins but not other cryptos. Framework provided by the European Union and Britain also help to keep Pay Pal out of danger.

This currency will be held to its $1 price by Pay Pal deposits and temporary treasuries held by Pay Pal. 

The currency is currently being issued by New York based company Paxos and will be redeemable for USD at any time. 

After this news Pay Pal stocks surged 2.7% and show no signs of slowing.

PYUSD can be used to make payments, transfer to other wallets, send to other people or convert to any other of Pay Pals supported cryptocurrencies.

This whole story, in my opinion, is a beautifully executed move from Pay Pal making use of what little regulatory clarity there is to take advantage of the enormous amount of money in blockchain technology. If they continue this well planed route I can see this project going very well for them. 

Until next time, Happy Cryptoing!

To help me keep writing articles follow, like, leave yourself a big tip, and have a great rest of your day.

QUICK DISALIMER!!!

This is was not intended to be investment advice! The article you have just read was written by an incompetent fool. Please always double check the facts and do your own research.

Make sure to comment any recent news you would like me to cover in my next article.