Source: CoinGeckoEarnings on PYUSD, Coinbase partnershipThat growth could be bolstered by a company announcement on April 23 introducing rewards for PYUSD in a new loyalty offering that will enable US users to earn 3.7% annually for holding the asset on the platform. Meanwhile, on April 24, PayPal announced a partnership with Coinbase to increase the adoption of PYUSD. “We are excited to drive new, exciting, and innovative use cases together with Coinbase and the entire cryptocurrency community, putting PYUSD at the center,” said Alex Chriss, PayPal President and CEO.
In its latest filing, the firm said the SEC notified it in February that the agency “was closing this inquiry without enforcement action.”PayPal has said its stablecoin is 100% redeemable for US dollars and “fully backed” by dollar deposits, including short-term treasuries and cash equivalents. However, the stablecoin has struggled to gain momentum in a crowded market dominated by rivals Tether and Circle.
Related: PayPal to offer 3.7% yield on stablecoin balances: ReportThe payments giant also reported robust first-quarter earnings and the completion of significant share repurchase activities. The firm beat Wall Street estimates, earning $1.33 per share in the first quarter, topping analyst expectations of $1.16.
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Author / Journalist: Cointelegraph by Martin Young
The story "SEC drops investigation into PayPal’s stablecoin" has 390 words across 19 sentences, which will take approximately 2 - 4 minutes for the average person to read.
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