Crypto Exchange Kraken Adds PayPal Stablecoin
Crypto exchange Kraken has announced that it will start trading PayPal’s stablecoin, PayPal (PYUSD), from August 21. This move further solidifies the presence of PYUSD in the digital asset market. Here are the key points:
- Deposits and withdrawals of PYUSD will be supported by Kraken.
- Transactions must be worth at least $5.00 and limited to the Ethereum blockchain.
- Other exchanges, including ByBit, Changelly, and Huobi, have already added PYUSD to their platforms.
- $26.9 million worth of PYUSD has already been issued.
Hardware Wallet Ledger Integrates with PayPal
Hardware manufacturer Ledger has partnered with PayPal to offer a secure platform for accessing cryptocurrencies. Here are the key points:
- U.S. users can purchase Bitcoin, Ethereum, Bitcoin Cash, and Litecoin using their linked PayPal accounts through the Ledger Live companion app.
- Acquired assets are automatically transferred to the user’s Ledger hardware wallet.
- Access to PYUSD through Ledger is not currently available.
Regulatory Concerns for Stablecoins
Despite the growing acceptance of PYUSD, regulatory concerns remain. U.S. Congresswoman Maxine Waters has called for comprehensive oversight of stablecoins to protect users and ensure financial stability. Here are the key points:
- Waters believes oversight is necessary due to PayPal’s large global customer base.
- It is yet to be seen how the regulatory environment will adapt to these new financial technologies.
Hot Take
The addition of PayPal’s stablecoin PYUSD to major exchanges like Kraken and the integration with Ledger demonstrate the increasing adoption of digital assets. However, regulatory concerns highlight the need for oversight to ensure user protection and financial stability as these new technologies evolve.
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