#paypals

In an embarrassing error, PayPal blockchain partner Paxos accidentally minted 300 trillion of the PYUSD token today. PayPal’s stablecoin, which it debuted in 2023, is supposed to be redeemable at a 1:1 rate for US dollars. $300 trillion is more than double the entire world’s current GDP of $117 trillion. In short, that’s a really bad mistake from Paxos. At least the action did appear to be a…

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Kraken introduces support for PayPal’s stablecoin, PYUSD

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Kraken announced on Aug. 18 that it had added support for PayPal’s stablecoin, also known as PayPal USD or PYUSD.

The cryptocurrency exchange said that deposits and withdrawals of PYUSD are currently open and added that it will open trading on Aug. 21.

Kraken said that PayPal’s stablecoin will initially be available on Kraken and Kraken Pro. It noted that it will add support for PYUSD on its Kraken App and Instant Buy features after user trading produces sufficient liquidity for the asset.

Kraken’s announcement also indicates that PYUSD deposit and order sizes must be worth at least $5.00 and that orders may have up to 4 decimal points of precision. The exchange will offer U.S. dollar (USD) and euro (EUR) trading pairs. Kraken additionally instructed users to deposit PayPal’s stablecoin only on the Ethereum blockchain.

Broader adoption is on the way

PayPal unveiled its stablecoin on Aug. 7, at which time it said that PYUSD would serve as a fully-backed, dollar-pegged asset. However, apart from its own app, PayPal offered few details about the platforms on which PYUSD could be purchased.

While Kraken was one of the first crypto exchanges to incorporate PYUSD, several others have followed suit, demonstrating a wider market acceptance of the stablecoin. ByBit also announced plans to support PYUSD on Aug. 17, while Changelly announced support for PYUSD on Aug. 11. Huobi announced support for the asset on Aug. 8. The two largest crypto exchanges in operation — Binance and Coinbase — have not announced any such plans.

Hardware manufacturer Ledger also announced integration with PayPal on Aug. 16, shortly after PYUSD’s reveal. Though Ledger said this would provide access to PayPal’s four supported cryptocurrencies, it did not state that it would provide access to PYUSD.

According to on-chain data, $26.9 million worth of PYUSD has already been issued, indicating robust market activity around the new stablecoin. However, this is not reflected on major market aggregators, such as CoinMarketCap and Coingecko, which instead list PYUSD as untracked and previewed assets, respectively.

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Tether ‘welcomes’ PayPal’s PYUSD stablecoin to the market, says CTO Paolo Ardoino

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Paolo Ardoino, CTO of Tether (USDT), said in an Aug. 8 statement shared with CryptoSlate that he welcomed PayPal’s entrance into the stablecoin industry.

Ardoino said PayPal’s foray into the field would enhance the overall growth of the ecosystem as it would drive competing firms to develop solutions that would further boost adoption and innovation.

The Tether CTO added:

Each project strives to differentiate itself by providing unique benefits to users, driving innovation and providing users with more choices and control over their transactions. Fostering competition allows a healthy and diverse market environment.

Ardoino’s perspective resonates with a sentiment echoed by Jeremy Allaire, CEO of Circle and issuer of the USDC stablecoin. Allaire pointed out that PayPal’s foray into the stablecoin field shows how the space would benefit from improved regulatory oversight.

According to on-chain data, 26.9 million of the newly launched PYUSD have been issued to only eight holders, with Paxos and an address (0x264bd8) holding 99% of the stablecoin’s total supply.

Addresses FUD concerns about USDT onboarding

In an Aug. 7 tweet, Ardoino explained why Tether’s onboarding process required strict anti-money laundering and know-your-customer process.

According to him, Tether has banking-grade standards that require users to provide information like “source of funds” and others to avoid putting all its users at risk.

He further stated that Tether is a centralized stablecoin using decentralized transport layers (aka blockchains) and is very different from a decentralized asset like Bitcoin (BTC). He added:

“When you redeem USDt, it means you want to have FIAT back, ie. interact on the banking layer, hence you have to comply with the FIAT system rules.”

However, despite these strict processes, Ardoino noted that the firm was still processing redemptions, revealing that it redeemed around $325 million worth of the assets on Aug. 7

Tether’s USDT is the largest stablecoin by market cap, controlling more than 60% of the entire market, according to CryptoSlate’s data.

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