- The announcement comes after PYUSD launched in partnership with PayPal.
- Paxos is discussing partnerships with other organizations.
- Many firms will follow PayPal’s example, according to Walter Hessert, head of strategic development at Paxos.
Paxos Trust Company is working on other stablecoin projects similar to PayPal’s new PYUSD token. Paxos head of strategic development Walter Hessert said this on CoinDesk TV.
He noted that the firm is developing other “stablecoins” for various organizations.
“We have a lot of stablecoin-related projects in the works right now. Paxos has discussed payment integration with many technology and financial companies. I think PayPal will be joined by quite a few firms that will play an important role in the mass adoption of blockchain,” Walter Hesseth said.
The top executive did not give a direct answer when asked if the company was in talks with Ilon Musk to launch a new coin for social platform X (formerly Twitter).
Hesseth believes the launch of the PYUSD stablecoin marks a new stage in the cryptocurrency industry’s evolution. A top Paxos executive believes the PYUSD token is fully bankruptcy-proof and can be used for cross-border or consumer payments.
Reminder, payment service provider PayPal launched the PYUSD stablecoin in August 2023. Work on the project has been underway since early 2022 and the issuer is Paxos. The company had previously backed the BUSD stablecoin, but suspended the issue under pressure from the U.S. regulator.
PYUSD will reportedly be backed by dollar and U.S. Treasury bonds. Meanwhile, fake PayPal steiblcoins have already appeared on the web.
PayPal’s fake steiblcoins.