"This is the first time a bank is getting involved in the crypto rewards slash interest ecosystem, and that's really new," said Todd Phillips, a banking and administrative law professor at Georgia State University.
PayPal's entry into the stablecoin market with PYUSD is seen as a significant move, highlighting the competition with crypto-native firms like Tether and Circle.
Despite PayPal's efforts to boost PYUSD's adoption through partnerships and rewards programs, the stablecoin still falls short in market capitalization compared to its rivals.
Regulatory uncertainty surrounding stablecoin interest payments remains a major concern as multiple U.S. agencies grapple with jurisdiction issues amidst ongoing legislative delays.
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