PayPal Receives New York Crypto Trust License
The New York State Department of Financial Services (NYDFS) recently granted a limited purpose trust license to PayPal Digital, which is typically held by digital asset custodians and stablecoin issuers. In August of last year, PayPal launched its first stablecoin, PYUSD, which was technically issued by Paxos Trust Company, which also holds an NYDFS trust license and has been a partner of PayPal since the launch of its cryptocurrency services.
This trust license may be aimed at taking over the custody of PayPal customers' crypto assets and internalizing stablecoin issuance. Currently, the market value of PYUSD is close to $400 million, a significant increase from $190 million in early April. The top five wallets hold 71% of stablecoin balances, with major holders including Paxos, Crypto.com, Curve (DeFi), Defiance Capital, and Frax (DeFi). Among them, Crypto.com and Bullish exchange hold $103 million and $23 million, respectively.
In November of last year, the US Securities and Exchange Commission (SEC) issued a subpoena requesting documents related to the issuance of PYUSD stablecoin. PayPal did not respond to the specific use of this trust license prior to its release.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Celestia Foundation Raises $100M, Aims to Revolutionize Blockchain Scalability with New Roadmap
Bitwise CIO says ‘the most powerful people in finance’ are allocating to crypto
An increasing number of top financial advisors are allocating toward crypto assets in their personal portfolios, according to Bitwise CIO Matt Hougan.When allocations spread from advisors to their clients, “things could get interesting quickly,” Hougan said.
Hamster Kombat NFT Game Bans +2.3M Users For Cheating – Recovers 6.5 Tokens From These Users
Cathie Wood's Ark Invest offloads another $2.8 million worth of its own spot Bitcoin ETF
Ark Invest offloaded 44,609 ARKB spot Bitcoin ETF shares on Monday, worth $2.8 million, as the investment firm rebalanced its fund weightings.The Cathie Wood-led firm has sold a total of $17.5 million in ARKB shares from its ARKW fund but still holds $139.7 million of the spot Bitcoin ETF.
Trending news
MoreCrypto prices
More
