The stablecoin market continues to attract the attention of major industry players with the recent entry of PayPal. The payment giant surprised everyone on August 7th by launching its own stablecoin, PayPal USD (PYUSD). This strategic move by PayPal could serve as a significant example in the industry and potentially inspire giants like Apple and Amazon to do the same.
PayPal’s Move Sets a Major Example
The payment giant PayPal now joins the forefront of the digital currency revolution with its stablecoin PYUSD. Built on the Ethereum Blockchain and designed to be pegged 1:1 to the US dollar, PYUSD offers many advantages as a digital currency to facilitate monetary transactions. PayPal’s new stablecoin also provides the flexibility to seamlessly convert to the standard US dollar and can be used to buy or sell other cryptocurrencies such as Bitcoin 
$94,785 (BTC) and Ethereum (ETH) 
$3,490. This innovative step heralds the beginning of a new era in the world of cryptocurrency.
Looking back at recent history, we see that the first major step towards the stablecoin market was taken by global banking giant JP Morgan, which launched JPM CoinStablecoins in 2019 to improve wholesale transactions. Of course, Tether, a famous billionaire Elon Musk, is also known to have plans to launch his own stablecoin called X. In this landscape, it is not surprising that PayPal and other industry giants have entered the stablecoin market.
These Giants Could Be the Next Members of the Stablecoin Market
PayPal is facing more competition in the financial sector and needs to explore new ways to make more money. The launch of its own stablecoin by the payment giant is seen as encouraging many large companies, including financial firms, to release their own stablecoins.
Stripe, a well-known company in online payments that is working on Elon Musk’s digital currency X, is highly likely to be the next member of the stablecoin market by launching its own stablecoin. Another major player that stands out with the possibility of launching its own stablecoin is Amazon. There have been rumors for a long time that Amazon has plans to create its own stablecoin, and it could come with a stablecoin that can be used through Amazon Pay, the e-commerce giant’s payment platform.
It is also expected that Venmo, a company owned by PayPal that offers an easy way to make payments via phone, will either launch its own stablecoin or start using PYUSD as the platform’s base currency. Furthermore, it is believed that Google, with its payment service Google Pay, and Apple, with its payment service Apple Pay, are considering plans to release their own stablecoins.
Although the use of digital currencies like stablecoins is not fully regulated in the US yet, PayPal’s move may encourage more companies to profit from this new payment method. This could be an interesting beginning for people who prefer to use digital currencies when it comes to making purchases and online payments.
