The New York State Department of Financial Services (NYDFS) recently granted PayPal Digital a limited purpose trust license, which is typically held by digital asset custodians and stablecoin issuers. Last August, PayPal launched its first stablecoin issued by a major tech company, PYUSD, which was technically issued by Paxos Trust Company, which also holds the NYDFS trust license and has been PayPal's partner since launching its cryptocurrency service.
The acquisition of the trust license may be aimed at taking over the custody of crypto assets for PayPal customers and internalizing the stablecoin offering. Currently, the market value of PYUSD is close to $400 million, a significant increase from $190 million in early April. The top five wallets account for 71% of stablecoin balances, with major holders including Paxos, Crypto.com, Curve (DeFi), Defiance Capital and Frax (DeFi). Among them, Crypto.com and Bullish exchanges hold $103 million and $23 million respectively.
Last November, the Securities Exchange Commission (SEC) issued a subpoena for documents related to the PYUSD stablecoin offering. PayPal did not respond to the specific use of the trust license before the release.
PayPal Receives New York State Crypto Trust License
2024-05-28 18:36:26
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