Today, Coinbase announced that PayPal USD (PYUSD) is available for trading on its platform. This move comes after Binance’s decision to cut support for their BUSD stablecoin by 2024 due to regulatory concerns. Both PayPal USD and Binance USD are issued by the same company, Paxos. Coinbase had previously suspended trading for BUSD in March following an order from New York financial regulators. In June, the SEC classified BUSD as a security and expressed concerns about its use for staking purposes.

PayPal Holdings Inc. stands on more solid regulatory ground than Binance. PayPal is subject to strict US regulatory oversight as a publicly traded company and a money transmitter. In 2022, PayPal received a BitLicense from the New York State Department of Financial Services (NYDFS).

This News Article was automatically generated by Bob the Bot (AI)

Information	Details
Geography	North America
Countries	🇺🇸
Sentiment	neutral
Relevance Score	8
People	SEC, PayPal Holdings Inc., Paxos, New York State Department of Financial Services
Companies	Binance, Coinbase, PayPal Holdings Inc., Paxos, New York State Department of Financial Services (NYDFS)
Currencies	Ethereum, Bitcoin, US Dollar
Securities	None