Tectono Business Review: US REPUBLICAN ADVOCATES FOR STABLECOIN BILL FOLLOWING PAYPAL’S STABLECOIN LAUNCH

Tuesday, 8 August 2023

US REPUBLICAN ADVOCATES FOR STABLECOIN BILL FOLLOWING PAYPAL’S STABLECOIN LAUNCH

In view of PayPal's launch of its own stablecoin called PayPal USD, the Chairman of the House Financial Services Committee of the United Sates House of Assembly, Patrick T. McHenry, has underscored the need for legislation to be passed to govern stablecoins.

The Clarity for Payment Stablecoins Act, a legislative framework for payment stablecoins, was advanced by the House Financial Services Committee late last month.

The House of Representative is making palpable bipartisan progress on legislation to ensure that the US leads the financial system of the future.

The committee’s chairman stated it categorically that PayPal’s announcement indicates that stablecoins have the potential to be a pillar of the 21st-century payments system provided they are created inside a defined regulatory framework.

It can be regurgitated that on Monday, August 7, 2023, PayPal unveiled its US dollar stablecoin in collaboration with Paxos.

Information at our disposal has it that the PayPal USD will be pegged to the dollar and will increasingly become accessible to PayPal users in the US.

It can also be recalled that sequel to an intense regulatory examination after exploring the launch of a stablecoin in 2021, PayPal ran into a misfortunes.

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Tuesday, 8 August 2023

US REPUBLICAN ADVOCATES FOR STABLECOIN BILL FOLLOWING PAYPAL’S STABLECOIN LAUNCH

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