A PayPal insider says the company’s new stablecoin, PYUSD, will eventually launch on decentralized finance (DeFI) platforms sometime in the future.
Into a new one 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 company plans to make PYUSD, which launched earlier this month, available on crypto exchanges and be compatible with DeFi ecosystems.
“I think DeFi will be part of the first wave in that we want to go where crypto users use stablecoins today, and DeFi is a use case for that. As of today, you can only get PYUSD on PayPal wallet. We’re ramping up the product, but it’s definitely intended to be available on the major exchanges and when that distribution is available, people will be able to use it for the traditional use cases.
Da Ponte continues that PYUSD is already compatible with Ethereum (ETH) wallets as it is technically an ERC-20 token and is fully supported and compliant with New York regulations.
“The stablecoin PYUSD is an ERC-20 token, so it is staked on the Ethereum blockchain and it can be sent out to wallets that enable ERC-20 tokens…
There is certainly an aspect to it being a fully supported and regulated stablecoin. As you know, we issued from 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 KYC (Know Your Customer) and anti-money laundering requirements that require the ability to be able to have the right controls in place.”
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Featured image: Shutterstock/Tithi Luadthong