New Stablecoin Contract PYUSD By PayPal Issued 26.9M Coins

Key Points:

Paxos has officially announced the contract address of PayPal’s US dollar stablecoin PYUSD.
According to the data, there were 26,905,005.66 coins issued with a total of 8 holders.
Earlier yesterday, PayPal launched the US dollar stablecoin PYUSD which will be issued by Paxos Trust.

Yesterday, Paxos officially announced the contract address of PayPal’s US dollar stablecoin PYUSD. The contract address is 0x6c3ea9036406852006290770BEdFcAbA0e23A0e8.

On-chain data shows that 26.9 million coins have been issued, with a total of 8 holders, and there have been a total of 175 transactions since launch.

Source: Etherscan.io

As mentioned, Paypal (PYPL.O) has announced the launch of USD stable coin for transfers and payments. PayPal USD (PYUSD) by Paxos Trust Co. is issued and backed entirely by deposits in US dollars, short-term Treasury bills, and similar cash equivalents.

It is pegged to the US dollar and will gradually be available to PayPal customers in the United States. As an ERC-20 token issued on the Ethereum blockchain, the token can also be transferred to a compatible third-party wallet outside the PayPal network.

PayPal says Paxos will publish monthly reports detailing the PYUSD-backed asset starting next month. Paxos will also disseminate third-party, public endorsements of the value of its new stablecoin reserve asset.

Given that the US is strengthening its controls on the crypto industry, this could be a bold move for Paxos, especially since the company just filed an SEC lawsuit in mid-February. This year involves Binance’s stablecoin (BUSD).

However, at least one US lawmaker quickly voiced support for PayPal’s new initiative. Patrick McHenry, the Chairman of the US House of Representatives Financial Services Committee, supports PayPal’s stablecoin launch and its correlation with bipartisan stablecoin regulation. McHenry recently protested after the American Bankers Association criticized the stablecoin law the congressman helped draft.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Andy