Paxos reveals new partnerships to launch stablecoins

The infrastructure company Paxos is working on other stablecoins such as PayPal’s PYUSD. In an interview on CoinDesk TV, Walter Hessert, the firm’s head of strategy, said.

On August 7, the payments giant launched a ‘stablecoin’, the issuer of which was Paxos.

Hessert did not give a direct answer to whether the company had engaged in such a collaboration with Elon Musk and the social platform X (formerly Twitter).

“We have other potential stablecoin partnerships in the works,” he said, not revealing details.

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

“We think there will be many promising followers of PayPal here,” Hessert said.

The launch of PYUSD marks a historic moment for the digital-asset industry, as it provides a new level of user trust, according to a Paxos executive.

The PayPal stablecoin is fully regulated and bankruptcy-remote, enabling its use for cross-border transfers, consumer payments, settlements and other purposes, Hessert added.

“We are now seeing these use cases come to life as they are integrated into everyday solutions and presented in a way users can trust,” he said.

The manager also stressed that Paxos places particular emphasis on working with partners like PayPal, who can “drive progress” in the mass rollout of blockchain products.

In February, ceased issuing Binance’s BUSD under order of the New York state financial regulator.