Main navigation

PayPal's PYUSD Represents Beginning of Stablecoin Evolution: Ex-ARK Invest Crypto Lead

Thu, 09/07/2023 - 11:46
article image
Gamza Khanzadaev
PayPal stablecoin PYUSD is just tip of iceberg, says Chris Burniske
PayPal's PYUSD Represents Beginning of Stablecoin Evolution: Ex-ARK Invest Crypto Lead
Cover image via
Read U.TODAY on
Google News

Chris Burniske, a prominent figure in the crypto industry and former head of the crypto department at ARK Invest, recently shared his perspective on the current state of the industry. In his recent commentary, he highlighted the significant potential of stablecoins, particularly in challenging market conditions.

PayPal Stablecoin PYUSD FAQ: Guide on Everything You Need to Know

Burniske, in his latest statement, asserted that the crypto sector often experiences its most significant advancements during bear markets. He emphasized that constraints, a clear vision and a strong grasp of reality are the driving forces behind the innovations necessary for the crypto space to progress continuously.

Stablecoin supremacy

Within the realm of the current financial system, the expert pointed out that stablecoins represent a sector deserving most of the attention. He noted that the exploration of stablecoins, ranging from centralized to decentralized, and catering to both retail and institutional audiences, is still in its infancy.

One noteworthy recent development is PayPal's entry into the stablecoin arena with PYUSD. Despite a relatively quiet market environment, the stablecoin has gained substantial traction since its launch just last month. This stablecoin is expected to be accessible on prominent platforms like Coinbase, Kraken and Huobi, ensuring widespread availability and liquidity.

New PayPal (PYUSD) Stablecoin Pairs Set for Listing on Huobi: Details

More controversially, however, PayPal's PYUSD has even piqued the interest of the U.S. Fed, which has issued an official warning to banks and financial institutions regarding potential transaction constraints related to this digital asset.

article image
About the author

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.