PYUSD has established itself as an investment instrument. But can this help the stablecoin become a mean of exchange?

Retail giant Mercado Pago launched its dollar-pegged stablecoin MELI dollar.

At the Bitcoin 2024 conference, Howard Lutnick emphasized Tether’s transparency, regulatory compliance, and security, contrasting it with Circle’s practices.

The evolution of stablecoins mirrors that of Wildcat Banking: a period of non-federal regulation over the monetary system in the U.S. during the 19th century.

Since its launch last year, the stablecoin has grown to around $100 million. However, this amount remains significantly lower than the figures achieved by more recent entrants in the stablecoin market.

Despite PayPal’s dominant position in the payments business, its stablecoin project, PYUSD, has stalled. Numerous integrations have not managed to attract users. The company is now subsidizing the stablecoin’s yield on DeFi platforms. Can this become a standard feature of private money?

The standard was designed to enhance cross-chain functionality and mitigate the issues arising from the liquidity fragmentation of USDC stablecoin.

The project’s pre-launch campaign has generated a lot of excitement in the DeFi community, with the project TVL exceeding $80 million in 24 hours.