In a significant move, PayPal has become the first big US fintech company to introduce its own cryptocurrency token, a dollar-pegged stablecoin named PayPal USD (PYUSD). This foray into the crowded stablecoin market comes with bold promises of revolutionizing money transfers among the vast community of investors into crypto. Although the cryptocurrency hype has subsided, with prices remaining relatively stable since 2022, PayPal’s Chief crypto executive believes the timing is right and that the company holds a competitive edge. PayPal crypto advantages Image: KnowTechie Jose Fernandez da Ponte, PayPal’s Senior Vice President and General Manager of blockchain, crypto, and digital currencies, asserts that stablecoins are currently the most compelling application for blockchains. He highlights the advantages of stability, programmability, and quicker settlement times, emphasizing the growing market demand for new market entries that aren’t only fully backed but also fully regulated, setting them apart from existing options like Tether. Addressing concerns raised by a Bloomberg report suggesting a pause in stablecoin development, da Ponte clarifies that this isn’t accurate. The regulatory pressures faced by PayPal’s partner, Paxos Trust, over its relationship with the platform Binance played a role in creating this perception. However, the PayPal crypto commitment to the stablecoin project remained unwavering, dispelling any doubts about its dedication. The backdrop against which PayPal is launching its stablecoin is fraught with challenges. Over the past year and a half, crypto liquidity has diminished, and the collapse of significant banks, including those friendly to the crypto market, has caused ripple effects…PayPal joins the crypto game: What to know