PayPal Suspends Stablecoin Project

Join the Trading Community : Learn & Earn with BingX.

Today’s Cryptocurrency Headline

Payments giant PayPal has suspended its stablecoin project. PayPal had hoped to launch a stablecoin in the coming weeks, backed one-for-one by the US dollar, according to a person familiar with the matter. But PayPal will delay that work due to changes in the regulatory environment. According to previous news, PayPal’s key partner Paxos is under investigation by the New York Department of Financial Services (NYDFS). “We are exploring a stablecoin. If and when we seek to move forward, we will, of course , work closely with relevant regulators.” PayPal spokeswoman Amanda Miller said in a statement.

BingX’s Bitcoin Chart

Source: TradingView & BingX

Bitcoin price is almost flat over the past 24 hours. The largest cryptocurrency was trading in a tight range between $21,600 and $22,000 during the weekend, suggesting the selling pressure has paused. The latest US consumer price index data will be released Tuesday, this will likely bring volatility into the market. If the data is worse than expected, the BTC/USDT pair could fall into the support zone between the 50-day exponential moving average ($21,013) and the psychologically critical level of $20,000.

Disclaimer:    BingX does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. Readers should do their own research before taking any actions related to the company. BingX is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the article.