U.S. Treasury backs PYUSD assets
It all started with one day Paypal saying we want to get into the stablecoin business. And they made one such in the layer 2 of the ethereum. And they managed to list a token named PYUSD. And now the show begins!
In the battle of the stablecoin, Tether turned out to be the winner. And there is going to be damage coming for the same. This time the damage is from the paypal with their PYUSD asset.
These assets are around 44$ million are kept into the reserve and out of 97% are ready for the repurchase and backed by the US Treasury. Not to say Paypal is already getting the stablecoin related licenses and they have the backing from the govt in many states in the USA as of now.
So how is everything going on for the Paypal?
Image Credit: Arthub
Binance lost the BUSD, Paypal gains the PYUSD
Binance is kind of struggling in the race of the exchange and as we know paypal is not trying to be an exchange. They learned that people are not going to trust them with their money.And so they decided to become the money so that people have no choice but to trust them.
And meanwhile the bleeding of binance continues. There seems to be no way for the binance to regain in the BUSD race now. At the most binance can work with the BRICS people and work on the blockchain. I am sure that would be one of the edges that stablecoins can get.
Paxos confirms PYUSD backing
Paxos in the space of the stablecoin and the treasury work. And they were the one who dropped the backing of the binance. And so the backing of the paypal was confirmed by the Paxos. And it seems the paypal is pretty serious.
In short the govt seems to be getting the access to the license to sell these coins in the US states.And we can see that some of the really good results are coming out of the same. I can tell you from this point onwards paypal is aiming for the domination.
Paypal USD stablecoin is a bad news for DeFi and good news for the centralized banks and the people who are into it. But I feel more PYUSD gets the market,harder it would be for us to live on the decentralized chains. Let's see where the treasury backing would take the PYUSD.
Posted Using LeoFinance Alpha