8/9/2023 1:13:17 PM | less than a minute read

PayPal launches dollar-backed stablecoin, boosting shares

FinTech Collective

Payments giant PayPal (PYPL.O) said on Monday it has launched a U.S. dollar stablecoin, becoming the first major financial technology firm to embrace digital currencies for payments and transfers.

PayPal's announcement, which lifted its shares 2.66% on Monday, reflects a show of confidence in the troubled cryptocurrency industry that has over the last 12 months grappled with regulatory headwinds that were exacerbated by a string of high-profile collapses.

We are currently at a crossroads to keep America at the forefront of digital asset innovation. Congress is making significant, bipartisan progress on legislation to ensure the U.S. leads the financial system of the future

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