Walter Hessert, head of strategy at crypto infrastructure provider Paxos Trust, recently revealed on CoinDesk TV that the company is already working on other stablecoin projects similar to PayPal’s new PYUSD. We have other white label stablecoin opportunities in the works, Hessert said. He added that Paxos has talked with many of the largest technology and financial services companies about stablecoins, integrating stablecoins, and launching white label stablecoins.
The launch of PYUSD marks a major milestone for the digital asset industry, according to Hessert, as it brings a new level of trust to users by being fully regulated and protected from bankruptcy. This allows it to be used for cross-border payments, consumer payments, and settlements. 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.
Paxos is focused on working with partners that have the potential to drive mass adoption of blockchain products, such as PayPal. The company processed over $1.36 trillion in total payment volume and conducted over 22 billion payments transactions in 2022.