Paxos Trust, a cryptocurrency infrastructure provider, is already working on other stablecoin projects comparable to PayPal’s new PYUSD, according to Paxos’ head of strategy Walter Hessert on CoinDesk TV on Tuesday.When asked if Paxos, which issues PYUSD for PayPal, has previously spoken with Elon Musk and X (formerly Twitter) about building a stablecoin for the platform, Hessert just stated that further initiatives are in the works.
“We have other white label stablecoin operations in the works,” Hessert said on CoinDesk TV on Tuesday.
“Paxos has talked with a lot of the largest technology and financial services companies about stablecoins, integrating stablecoins, launching white label stablecoins in some cases, and we think that there’s going to be a lot of really exciting followers here to PayPal,” he said.
According to Hessert, the debut of PYUSD marks a watershed moment in the digital asset market since it provides consumers with a new level of trust by being fully regulated and protected from bankruptcy, allowing it to be used for cross-border payments or consumer payments and settlements, among other things.
“Now we can actually see those use cases come to life because it’s being put into products that people are using every day and it’s being presented in a way users can trust,” Hessert said.
According to Hessert, Paxos is particularly interested in collaborating with partners who can “move the needle” on mainstream adoption of blockchain goods, such as PayPal.For several years, PayPal has allowed users to buy, sell, and store crypto assets.According to its website, the corporation controlled $1.36 trillion in total payment volume and conducted over 22 billion payments transactions in 2022, making it one of the world’s top financial services organizations.