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PayPal to Launch PYUSD on DeFi Platforms in the Future

PayPal stablecoin PYUSD, is set to become available on decentralized finance (DeFi) platforms at a later date, according to one of the company’s insiders. In an interview on the Unchained Podcast, Jose Fernandez da Ponte, PayPal’s senior VP of blockchain, crypto, and digital currencies, disclosed that the firm plans to make PYUSD compatible with DeFi ecosystems and available on crypto exchanges. The stablecoin is currently only accessible via the PayPal wallet, but the company is working to make it available for traditional use cases once it is accessible on major exchanges. PYUSD is already compatible with Ethereum wallets as it is technically an ERC-20 token. Furthermore, it is fully backed and compliant with New York DFS regulations.

According to a Senior VP at PayPal, PYUSD, the company’s new stablecoin, will eventually become available on decentralized finance (DeFi) platforms. The fintech giant will make PYUSD compatible with DeFi ecosystems and available on cryptocurrency exchanges. The primary goal is to make PYUSD accessible to crypto users who are currently using stablecoins in DeFi use cases. At present, PYUSD can only be obtained via the PayPal wallet, but PayPal is working on expanding the product. Once the stablecoin is available on renowned exchanges, it will cater to several traditional use cases.

Jose Fernandez da Ponte further added that PYUSD is already fully compatible with Ethereum wallets, as it is designed as an ERC-20 token. Additionally, the stablecoin is compliant with New York DFS regulations, being issued by Paxos and approved by the New York DFS. The token’s compliance with KYC and AML regulations ensures that it adheres to strict anti-money laundering provisions, allowing the company to maintain necessary controls.

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