By Amy Kim, Head of Global Policy and Government Relations, Crypto
At PayPal, we believe digital currencies have the power to reshape the future of commerce as the foundation for the next generation of payments. Combining this innovative technology with our expansive global network allows us to help all users thrive in the world economy.
That’s why we launched PYUSD, our stablecoin, issued by Paxos. Users can use PYUSD to buy, sell, hold, and transfer crypto at $1 per 1 PYUSD token. They can also use PYUSD to pay at their favorite merchants and send crypto to friends. And they can use PYUSD to fund remittances, which results in complete waiver of our platform transaction fees for this service (foreign exchange fees still apply).
In response to crypto’s growth in commerce, policymakers around the world are actively developing the regulatory environment for digital currencies such as our stablecoin, PYUSD. As a leader in digitizing payments online and now onchain, PayPal plays an important role in promoting digital payments in this new era. We are committed to engaging thoughtfully with governments, regulators, the private sector, and academics to strengthen economic opportunities for our customers.
As digital currencies gain traction in commerce, it is essential to explore how these innovations can shape the future. We are therefore pleased to share a new publication that explores how digital currencies can address key opportunities in today’s payment systems, including financial exclusion, inefficiencies and costs associated with domestic and cross-border transactions, as well as specific use cases like B2B transactions and online gaming.
Explore the policy implications in “The Evolving Role of Digital Currencies in the Global Economy”, coauthored by Jose Fernandez da Ponte, SVP and GM of BCDC at PayPal and Amy Kim, Head of Global Policy for PayPal Crypto, and Yesha Yadav, Associate Dean at Vanderbilt Law School, an academic expert on blockchain regulation. The paper has been published in Duke Law’s Journal of Law and Contemporary Problems and is available here.