12/19/2023 0 Comments Who did elon musk sell paypal to"Nasdaq-listed Paypal has become the first major player to launch its stable coin which can be used for retail purchases, P2P transfer, and wallet-to-wallet transfer. What experts say about PayPal's stablecoinĭenis Sklyarov, Co-Founder and CEO of WiFi Map, a crypto-centric DeWi app, pointed out that the launch of stablecoin by PayPal is aimed at bridging the gap between Web3 and fiat for users, merchants, and developers. Recently, the US House Financial Services Committee advanced a bill to create a federal regulatory framework for stablecoins, concentrating on rules for registering and approving stablecoin issuers, Reuters reported. The EU's policies will take effect in June 2024. Several major economies, including Britain and the European Union, have introduced regulations to govern stablecoins. For instance, Meta (formerly known as Facebook) faced regulatory concerns in 2019 when it planned to launch a stablecoin called Libra, with fears that it could disrupt global financial stability. The Reuters report pointed out that major mainstream companies' previous attempts to launch stablecoins faced strong opposition from financial regulators and policymakers. The world's largest stablecoin is Tether, followed by USD Coin, which is issued by crypto provider Circle," a Reuters report said. Instead, consumers mostly use stablecoins as a means to trade other cryptocurrencies, like bitcoin and ether. "While stablecoins have been around for years now, they are yet to successfully make headway into the mainstream consumer payments ecosystem. Media reports pointed out that Elon Musk's PayPal has emerged as a trailblazer among major financial technology firms by embracing digital currencies for payments and transfers. “X is the future state of unlimited interactivity - centered in audio, video, messaging, payments/banking - creating a global marketplace for ideas, goods, services, and opportunities,” Chief Executive Officer Linda Yaccarino said when the company’s name was changed.A stablecoin is a type of cryptocurrency that is designed to have a stable value, typically pegged to a stable asset or reserve, such as a fiat currency like the US dollar or a commodity like gold. That could mean evolving the public messaging service into something much broader, including a one-stop shop for financial services. Musk has tweeted that buying Twitter was “an accelerant” to creating X. When he was CEO, Musk wanted to broaden the platform and phase out the PayPal name, a move that ultimately led to his ouster Bloomberg Terminal. He’s compared his ambitions for Twitter with the vision he had for another entity called X.com, a financial services company he founded in 1999 that ultimately became PayPal Holdings Inc. Musk has shown a personal affinity with the letter X. It was the start of the billionaire’s vision to transform the social media platform into something of a holy grail of the online age - what Musk calls “ the everything app.” Then over a weekend in July 2023, he changed Twitter’s name and logo to X. in 2022, he talked about building an all-encompassing service called “X.” In typical Musk fashion, the concept was expansive and amorphous. Long before Elon Musk’s $44 billion purchase of Twitter Inc.
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