Hi, it looks like some bullish news for the crypto market as PayPal launched its own US dollar pegged stablecoin, PayPalUSD.
Not to forget about the reputation of PayPal which is a global payment giant. The token is said to be available soon to users in the United States. This is said to be the first time a major company is issuing its own stablecoin.
This is something that I believe could be helpful for people who find it hard buying other cryptos as with the PayPalUSD stablecoin, they might have a new gateway into the world of crypto facilitating them buying other cryptos through Fiat through the route of PayPalUSD.
And this is something that does sound bullish seeing a giant payment company like PayPal if jumps into the crypto space officially by launching its own stablecoin.
According to Statista, PayPal's accounts across the world reached over 430 million by the end of 2022, but growth declined when compared to previous quarters. Well, that ain't a small number and probably we might see people from the crypto space as well getting active on PayPal as well using PayPalUSD as a bridge or buying the stablecoin.