Bitcoin News Today TheBitTimes.com

The American multinational FinTech company has been an early adopter of crypto. The company’s crypto holdings surged past $1 billion in Q1 2023. With PayPal USD (PYUSD) stablecoin, the company would further strengthen its position in the digital payments market. advertisement Paxos Trust Co. will be issuing the PYUSD stablecoin which will be fully backed by US Dollar deposits, cash equivalents, and short-term Treasuries, noted the company in its Monday announcement. Pegged to the US Dollar, the PayPal stablecoin will be gradually available to American users. PayPal Chief Executive Officer Dan Schulman wants to make the company even stronger in digital payments with PYUSD. He aims to use technology that allows quick and cheaper transfers without needing a middleman. “The vision over time is that this becomes a part of the overall payments infrastructure,“ said Schulman in an interview with Bloomberg. PayPal Addresses Regulatory Concerns Schul...

Paypal Earnings Insight According to first quarter reports filed with the Securities and Exchange Commission ( SEC ), PayPal claimed a combined total of $943 million in crypto currency assets as of March 31, 2023. Remarkably, this was a significant increase from the previous quarter, when PayPal reported that it held around $604 million in crypto currencies. advertisement Specifically, PayPal’s crypto holdings comprise $499 million in Bitcoin (up from $291 million in December), $362 million in Ether (up from $250 million), and $82 million in Bitcoin Cash BCH and Litecoin (up from $63 million). Also, the online platform reported total financial liabilities for the quarter were $1.2 billion, with crypto assets accounting for 77.9%, indicating an increase of more than 10% from the reported Q4 liabilities for 2022. Notably, the company has been expanding its crypto currency offerings since it launched its crypto service in the United States in 2021. The se...