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In a significant move to bolster the adoption of digital tokens for transactions, PayPal Holdings Inc. PYPL announced Monday the launch of a new U.S. dollar-denominatedstablecoin.

Named PayPal USD (PYUSD), this digital currency is the brainchild of the San Jose-based financial giant and is set to be a game-changer in the realm of digital payments and the fintech world

The digital coin, issued by Paxos Trust Co., is underpinned by U.S. dollar deposits, short-term Treasuries and other cash equivalents. Its value is anchored 1:1 to the dollar, and a phased rollout for U.S.-based PayPal users is on the horizon.PayPals Strategic Move

PayPal, which has seen a decline of over 35% in its shares over the past year, is fortifying its position in the digital payment landscape.

Dan Schulman, the companys CEO, emphasized the need for a stable digital currency that can seamlessly integrate with traditional fiat currencies like the U.S. dollar.

The shift toward digital currencies requires a stable instrument that is both digitally native and easily connected to fiat currency like the U.S. dollar.

PayPal anticipates that PYUSD will initially find prominence in the crypto and Web3 domains, serving as a medium for trading various digital currencies and facilitating in-game transactions. Over time, its use is projected to expand into sectors such as remittances and small-scale payments, as Bloomberg reported.

With Tether USD controlling a significant majority (over two-thirds) of the stablecoin arena, Jose Fernandez da Ponte, who leads PayPals blockchain and digital currencies division, recently said theres a growing appetite for a different stablecoin option given the markets concentration.PYUSDs Features And Compliance

Users can redeem PYUSD for dollars anytime and can also swap it for other cryptocurrencies on PayPals platform. The coin will soon be integrated into PayPals widely-used app, Venmo, allowing users to transfer their token holdings between PayPal and Venmo wallets. Furthermore, PYUSD can be transferred to compatible third-party wallets outside of PayPals ecosystem.

Paxos Trust Company, the issuer of PYUSD, operates under the regulatory purview of the New York State Department of Financial Services. Additionally, PayPal secured a BitLicense from NYDFS in June 2022, further cementing its commitment to regulatory adherence.

Read now: Tesla Set To Topple 2 Legacy Auto Giants In Revenue By 2027, Says Analyst: Why Wall Street Estimates For Volume Growth Are Way Too Low

This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Photo courtesy of PayPal.

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Politics

Millionaire former Tory donor defects to Reform

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Millionaire former Tory donor defects to Reform

Millionaire Tory donor Malcolm Offord has defected to Reform UK, saying he would be campaigning “tirelessly” to “remove this rotten SNP government”.

Nigel Farage announced the former Conservative life peer’s defection during a rally in the Scottish town of Falkirk, where regular anti-immigration protests have taken place outside the Cladhan Hotel – which is being used to house asylum seekers.

Mr Farage, Reform UK’s leader, said he was “delighted” to welcome Greenock-born Lord Offord to Reform, describing his defection as “a brave and historic act”.

He added: “He will take Reform UK Scotland to a new level.”

During a speech, Lord Offord, who previously donated nearly £150,000 to the Tories, said he would be quitting the Conservative Party and giving up his place in the House of Lords as he prepares to campaign for a seat in Holyrood in May.

The 61-year-old said he wanted to restore Scotland to a “prosperous, happy, healthy country”.

“Scotland needs Reform and Reform is coming to Scotland,” he told the rally.

Read more:
Nigel Farage dismisses school racism claims as ‘banter in a playground’
Farage allegations are deeply shocking – but will they deter voters?

“Today I can announce that I am resigning from the Conservative Party. Today I am joining Reform UK and today I announce my intention to stand for Reform in the Holyrood election in May next year.

“And that means that from today, for the next five months, day and night, I shall be campaigning with all of you tirelessly for two objectives.

“The first objective is to remove this rotten SNP government after 18 years, and the second is to present a positive vision for Scotland inside the UK, to restore Scotland to being a prosperous, proud, healthy and happy country.”

The latest defection comes as Mr Farage finds himself at the centre of allegations of racism dating back to his time in school.

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Claims made against Nigel Farage

Sky News reported on Saturday that a former schoolfriend of Mr Farage claimed he sang antisemitic songs to Jewish schoolmates – and had a “big issue with anyone called Patel”.

Jean-Pierre Lihou, 61, was initially friends with the Reform UK leader when he arrived at Dulwich College in the 1970s, at the time when Mr Farage is accused of saying antisemitic and other racist remarks by more than a dozen pupils.

Mr Farage has said he “never directly racially abused anybody” at Dulwich and said there is a “strong political element” to the allegations coming out 49 years later.

Reform’s deputy leader Richard Tice has called the ex-classmates “liars”.

A Reform UK spokesman accused Sky News of “scraping the barrel” and being “desperate to stop us winning the next election”.

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World

Paramilitary drone attack in southern Sudan kills at least 50 people, including 33 children

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Paramilitary drone attack in southern Sudan kills at least 50 people, including 33 children

At least 50 people, including 33 children, have been killed in southern Sudan after a drone attack by paramilitary forces hit a nursery in South Kordofan state.

Sudan Doctors’ Network says paramedics on the scene in the town of Kalogi were also targeted by the Rapid Support Forces (RSF) in a “second unexpected attack”.

Rights group Emergency Lawyers reported a “third civilian site” near the previous two attacks was also targeted.

The death toll is expected to be higher, but communication blackouts have made it difficult to confirm the full number of casualties.

Emergency Lawyers says the strikes are a “flagrant violation of international humanitarian law, including the protection of civilians, especially children, and vital civilian infrastructure.”

UNICEF has urged both parties to stop the attacks immediately and allow safe access for humanitarian aid.

“Killing children in their school is a horrific violation of children’s rights,” said UNICEF representative for Sudan Sheldon Yett.

“Children should never pay the price of conflict.”

Read more from Sky News
RSF says it has captured Babanusa in West Kordofan
Sudan ‘epicentre of suffering in the world’
Sudan’s paramilitary forces agree to US-led humanitarian ceasefire proposal

The attack on the nursery is among the latest in the two-year conflict between the RSF and Sudan’s military, where the focus has recently shifted to the oil-rich Kordofan states.

A photo released by UNICEF shows displaced children and families from al-Fashir. (Mohammed Jammal/UNICEF via AP)
Image:
A photo released by UNICEF shows displaced children and families from al-Fashir. (Mohammed Jammal/UNICEF via AP)

Hundreds of civilians have been killed in the last few weeks as fighting shifted from Darfur, following the RSF’s violent takeover of the city of Al Fashir, which was marked with civilians being executed, rapes, sexual assaults and other atrocities.

Thousands managed to escape the violence, but thousands more are trapped or feared killed.

Grab from RSF social media channels in Al Fashir, Sudan
Image:
Grab from RSF social media channels in Al Fashir, Sudan

Meanwhile, Sudanese military aerial strikes last weekend killed at least 48 people, mostly civilians, in South Kordofan.

The RSF has also accused the military of carrying out a drone strike on the border with Chad, posting a video showing billowing black smoke.

The Associated Press has been unable to verify the video or whether there were any casualties, while Sudan’s military also hasn’t commented.

The RSF and the Sudanese military have been fighting for power over the country since 2023, which has seen more than 40,000 people killed, according to the World Health Organisation, although the real death toll is expected to be higher. 12 million people have been displaced.

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UK

England and Scotland fans discover where their opening World Cup games will be played

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England and Scotland fans discover where their opening World Cup games will be played

England and Scotland fans have found out where their World Cup group games will be played when the tournament kicks off in June.

England, who are in Group L, will begin their tournament against Croatia in Dallas at 4pm EST (9pm BST) on 17 June. They will then go on to face Ghana in Boston at 4pm EST (9pm BST) on 23 June and Panama in New Jersey, New York, at 5pm EST (10pm BST) on 27 June.

Scotland are in Group C, and their first match will be against Haiti in Boston at 9pm EST on 13 June (2am GMT the following morning).

They will go up against Morocco also in Boston at 6pm EST (11pm GMT) on 19 June and then Brazil in Miami at 6pm EST (11pm GMT) on 24 June.

Fans are expected to rush to sort their travel and accommodation plans now that they know where and when the matches take place.

Read more: Unapologetically political – a World Cup draw like no other

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England and Scotland learn World Cup fate

Wales and Northern Ireland have yet to find out if they will qualify.

Wales must face a play-off against Bosnia and Herzegovina in Cardiff, then either Italy or Northern Ireland, if they are victorious.

If they beat these play-off opponents, they will secure their place in Group B alongside Canada, Qatar and Switzerland.

However, Northern Ireland will also be vying to guarantee their spot in the same group if they can beat Italy and then either Wales or Bosnia and Herzegovina.

This breaking news story is being updated and more details will be published shortly.

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