According to an insider at PayPal, the company’s newly launched stablecoin, PYUSD, is planned to be made available on decentralized finance (DeFi) platforms in the future.
Jose Fernandez da Ponte, PayPal’s Senior Vice President of blockchain, crypto, and digital currencies, shared in an interview with Laura Shin on the Unchained Podcast that the goal is to have PYUSD accessible on cryptocurrency exchanges and compatible with DeFi ecosystems.
Da Ponte emphasized that the initial focus is on meeting the needs of crypto users, particularly within the DeFi space, and that currently, PYUSD is only accessible through the PayPal wallet. However, the plan is to expand its availability to major exchanges, enabling users to utilize it for traditional use cases.
Da Ponte also highlighted that PYUSD is already compatible with Ethereum wallets since it is technically based on the ERC-20 token standard. Furthermore, he emphasized that the stablecoin is fully backed and compliant with New York regulations, mentioning that the token is issued by Paxos and approved by the New York Department of Financial Security, with strict adherence to KYC (Know Your Customer) and anti-money laundering requirements.
Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.