• Tue. May 28th, 2024

Experts Claim PayPal’s PYUSD Stablecoin Could End Cryptocurrency Winter

Maria Bartiromo

ByMaria Bartiromo

Aug 11, 2023

In a recent interview with Alt Fi, Konstantin Shulga, the Finery Markets CEO, has said that the recent release of PayPal’s stablecoin, PYUSD, has sparked confidence in the market and represents a significant development that could transform the cryptocurrency landscape. He said that both cryptocurrency enthusiasts and conventional financial experts are coming to terms with the fact that the PYUSD has the potential to signal the end of the extended Cryptocurrency Winter.

Shulga explained that with an estimated 430 million active users and over 25 years of experience, PayPal’s recent involvement in stablecoins suggests a more profound commitment to the online financial ecosystem. He said that the PYUSD’s built-in stability is anticipated to draw investors looking for a haven into cryptocurrency, possibly resulting in increased adoption and popular acceptance.

Shulga, while speaking to journalists from the Alt Fi platform, said that the entire market capitalization has decreased over the past year due to investor caution brought on by market swings and regulatory uncertainty. He also admonished that the fact that PayPal has entered the stablecoin market may catalyze change.

Daniel Lanyon, a cryptocurrency journalist from Alt Fi, backed up Shulga’s claims with data from Statista, which shows that PayPal has about 430 million active users, making it a major participant in the finance industry. Lanyon said this enormous user base would offer a ready-made market for PYUSD adoption, promoting its widespread adoption in everyday transactions.

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On the other hand, the cryptocurrency community believes that although Congress has a reputation for taking a careful and frequently sluggish approach to legislation about cryptocurrencies, PayPal’s significant position and influence in the banking industry may speed up the process.

PYUSD Close the Gap Between Conventional Finance, Other Coins React

It was gathered that after the launch of the PYUSD on August 7, the price of BTC rose above $29,700 in the early hours of Wednesday on the Asian trading market. Ethereum traders have also counted some gains, including ten other non-stablecoins. Solana had the biggest rise, with approximately a 5% increase.

Experts are still not certain whether the effect of the PYUSD launch was responsible for the sharp drop in the government bonds profit worldwide, which coincidentally dropped on Tuesday. Data from Forkast shows that 500 NFTs had a very high trading volume, while the United States stocks traded low.

Recent analysis on PayPal stablecoins shows that PayPal’s Venmo currently has an extra 70 million users. This indicates that PayPal’s stablecoin program may have an influence outside of the company’s primary platform and may reach a wider audience.

Lanyon also made it clear that PayPal has the power to change the regulatory environment for digital currencies and expedite the adoption of stablecoins with the help of its enormous user base and influence. Meanwhile, the co-founder and managing partner Wilshire Phoenix (a United States asset management company), William Cai, has added that the launch of PYUSD is vital to developing the United States cryptocurrency space.

According to Cai, the launch of PYUSD is bound to affect the use of stablecoin globally, considering how fast the adaptation is going on. He also added that stablecoins are not an entirely novel idea, but their inclusion in the services of big financial organizations like PayPal is a significant step toward bridging the divide between conventional banking and the burgeoning cryptocurrency market.

Maria Bartiromo

Maria Bartiromo

Maria Bartiromo is a renowned news writer and journalist, celebrated for her insightful reporting and authoritative voice. With a career spanning years, she has established herself as a trusted source of accurate and comprehensive news analysis, keeping readers informed on vital global developments.

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