Crypto News: The stablecoin ecosystem is likely going to witness sea change with The Clarity for Payments Stablecoin Bill passed in the House Financial Committee. On Monday, payments company PayPal made a sensational announcement on the launch of its very own stablecoin. This could likely have a ripple effect on the financial companies and payments processors, considering the many use cases stablecoins offer. In February 2019. Wall Street financial giant JP Morgan’s stablecoin, the JPM Coin has been launched to improve the wholesale payments operations.
In this context, the aggressive move by PayPal to launch a stablecoin could likely spur its competitors in the financial and payments space to look further into the crypto market. Despite the regulatory uncertainty around the use of cryptocurrencies in the United States, this move could be a positive sign for crypto adoption, especially in the payments space. Here are the five competitors of PayPal that may potentially launch their own cryptocurrency or a stablecoin:
Already, Stripe has worked on crypto integration in its partnership with Elon Musk’s X platform. Earlier, CoinGape reported that the company has been declared as X’s official payment processor for payouts. Interestingly, Stripe already runs a native fiat-to-crypto onramp service.
Amazon is known to have experimented with a Europe based Central Bank Digital Currency (CBDC). This could mean the company having long-term plans of launching crypto payments, with linkage to e-commerce.
The PayPal USD will be made available on Venmo, it was announced on Monday. This leaves potential for further crypto use cases with the mobile payment service.
The payments platform has already introduced several crypto linkage features like “Tap-to-pay.” The iPhone maker has the advantage of producing hardware and could potentially launch own cryptocurrency along with the Apple hardware wallet.
Google Pay already allows purchase of cryptocurrencies via its platform. Thanks to the power of the Play Store, Google will be able to control crypto payments on the Play Store apps, which makes room for a Google native stablecoin or cryptocurrency.
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