More Stablecoins Coming: 5 Companies Following Paypal’s Lead?

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Stablecoins is attracting all the biggest bulls in the industry and Paypal is the new entry. PayPal has made a big announcement to launch its own digital money called “stablecoin”. Possibly, this could have an on-chain reaction, making other companies follow the legacy.

Stablecoins are a type of online money that always stays at the same value, which is helpful for buying things. PayPal’s new stablecoin can be easily turned into regular US dollars whenever you want, and you can also use it to buy or sell other types of online money like Bitcoin. Now that’s what you call a digital era of crypto. 

On the other side to regulate this industry, Britain and the European Union have made rules to control stablecoins. The EU’s rules will start in June 2024. Recently, a group in the US called the House Financial Services Committee moved forward with a plan to make rules for stablecoins, like who can make them and how they’re allowed to work, as reported by Reuters.

Like back in 2019, JP Morgan launched, the JPM CoinStablecoins to improve the wholesale operation. But no one has made more money than Tether’s coin USDT while there’s a rumor of Elon Musk’s X coin. So, it’s no wonder that PayPal and others want to try making stablecoins too.

PayPal is facing more competition in the financial domain and wants to try new ways to make more money. If PayPal makes its own stablecoin, other money companies might start thinking about making their own online money too. 

Watch out for the Top 5 companies, that may jump into the stablecoin arena:

1. Stripe: They’ve already tried out online money by working with Elon Musk’s X platform. They even have a way to change regular money into online money.
2. Amazon Pay: Amazon is thinking about making its own online money. If they do, you might use Amazon coins to buy stuff online.
3. Venmo: This is a way to pay with your phone, and it’s owned by PayPal. They’re thinking about letting people use the same kind of online money that PayPal’s stablecoin uses, which could give you even more choices.
4. Apple Pay: They’re adding things to their way of paying, like online money. Since they also make iPhones and other gadgets, they might make their own special online money and a special wallet to keep it in.
5. Google Pay: You can already buy online money using Google Pay. And since they control the apps you can use on the Play Store, they could make their own online money that works with their apps.

Even though using online money like stablecoins is still not totally sure in the United States, PayPal’s move could make more companies think about using this new way of handling money. This is a really interesting time for people who like online money, especially when it comes to buying things and paying online.