This week’s Crypto Biz explores PayPal’s stablecoin, Coinbase’s new layer 2 network, Bitstamp’s fundraising and the growing popularity of crypto bots on Telegram.
In a move that can reshape the digital payments landscape, financial technology giant PayPal has unveiled its United States dollar-pegged stablecoin PayPal USD .Ethereum’s daily active user base hovers between 300,000 to 400,000, which is a fraction of PayPal’s colossal user base count of over 430 million. As a result, some see the move as a significant step toward transforming Ethereum into the internet’s monetary backbone.
PayPal is said to have been discussing the stablecoin with regulators and lawmakers in recent months, lobbying for clarity from authorities before releasing PYUSD. Democratic and Republican House Financial Services Committee members have voiced contrasting opinions on the stablecoin launch.
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