Paxos announces new partnerships to launch stablecoins

paxos min
paxos min

Infrastructure company Paxos is working on other stablecoin projects like PayPal’s PYUSD. Walter Hessert, head of strategy at the firm, spoke about this on CoinDesk TV.

On August 7, the payments giant launched a “stablecoin” issued by Paxos.

Hessert did not directly answer the question of whether the company has contacted Elon Musk and the social platform X (formerly Twitter) for such cooperation.

“We have other potential stablecoin partnerships in the works,” he said, without giving details.

According to him, Paxos has held talks with many of the largest technology companies and financial services providers.

“We think there will be a lot of promising PayPal followers here,” Hessert noted.

The launch of PYUSD is a historic moment for the digital asset industry as it provides a new level of user confidence, according to a Paxos manager.

PayPal’s stablecoin is fully regulated and bankruptcy protected, allowing it to be used for cross-border transfers, consumer payments, settlements and more, Hessert added.

“Now we can see these use cases come to life as they are embedded in everyday solutions and presented in a way that users can trust,” he said.

The manager also emphasized that Paxos is focusing on working with partners like PayPal, who can “drive progress” in the mass adoption of blockchain products.

Recall that in February, Paxos stopped issuing BUSD stablecoin from Binance by order of the New York state financial regulator.

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