An insider from PayPal says the firm’s new stablecoin, PYUSD, will ultimately launch on decentralized finance (DeFI) platforms sometime in the future.
In a new interview on the Unchained Podcast, Jose Fernandez da Ponte, PayPal’s senior vice president of blockchain, crypto and digital currencies, tells host Laura Shin that the firm intends for PYUSD, which was launched earlier this month, to be available on crypto exchanges and compatible with DeFi ecosystems.
“I think DeFi will be part of the first wave in the sense that we want to go where crypto users are using stablecoins today, and DeFi is a use case for that. As of today, you can only get PYUSD on the PayPal wallet. We are ramping up the product but definitely, the intention is that it will be available in main exchanges and when that distribution is available, then folks will be able to use it for the traditional use cases.”
Da Ponte goes on to say that PYUSD is already compatible with Ethereum (ETH) wallets as it is technically an ERC-20 token and that it is fully backed and in compliance with New York regulations.
“The stablecoin PYUSD is an ERC-20 token, so it’s deployed on the Ethereum blockchain, and it can be sent outside to wallets that enable ERC-20 tokens…
There is definitely an aspect of it that has to do with being a fully backed and regulated stablecoin. As you know we are issued out of New York. Paxos is the issuer, and the token is approved by New York DFS (Department of Financial Security), and New York has very clear and strict requirements in terms of KYC (Know Your Customer) and anti-money laundering provisions that require the ability to be able to have the right controls in place.”
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