The stablecoin market is expected to grow to $2.8 trillion of tokenized digital currency in the next five years from $125 billion today, broker Bernstein said in a research report Wednesday.– a type of cryptocurrency pegged to another asset, such as the U.S. dollar – allowing them to capture users and grow distribution beyond crypto native platforms, the report said.
“We expect major global financial and consumer platforms to issue co-branded stablecoins to power value-exchange on their platforms,” analysts led by Gautam Chhugani wrote.with its own dollar-pegged stablecoin, PayPal USD . This is a first for a major financial company. The Ethereum-based token will be available first on PayPal and then on Venmo, and can be exchanged for dollars at any time.
Stablecoins will be powered by a “hyper-fast financial settlement layer ” on public blockchains such as Ethereum, the note said.“Stablecoin regulation enjoys more political support than crypto regulation,” with multiple jurisdictions including
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PayPal Enters the Stablecoin Market With PYUSD | CoinMarketCapCryptoNews: PayPal has launched its stablecoin, called PayPal USD (PYUSD), an ERC-20 token backed by the US dollar. This makes PayPal the first major financial company to launch a stablecoin. 🔥
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