Since launching on August 7, Paypal’s stablecoin PYUSD hasn’t received the best of welcomes. From centralization concerns to regulatory scrutiny, there are signs to suggest that the stablecoin might have a hard time settling in, and a recent development further cements this belief.
Fed’s Warning To Banks
In a letter dated August 8, the Federal Reserve further stipulated guidelines for state member banks that may be looking to issue, offer, and trade dollar-backed stablecoins. Recall that the Fed had initially, in a press release, provided that supervised-state banks had to demonstrate to the Federal Reserve supervisors that it had put “appropriate safeguards” in place to conduct stablecoin-related transactions safely and soundly.
According to the Fed, these banks must first receive “written notification of supervisory nonobjection” from the agency before they can proceed to transact with dollar-backed stablecoins. Even after receiving this notification, such banks wil
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