{"id":11284,"date":"2023-11-08T19:27:12","date_gmt":"2023-11-08T19:27:12","guid":{"rendered":"https:\/\/infundpros.com\/markets\/crypto\/deloitte-paxos-share-insights-on-stablecoins-and-financial-innovation-heres-what-you-need-to-know\/"},"modified":"2023-11-08T19:27:13","modified_gmt":"2023-11-08T19:27:13","slug":"deloitte-paxos-share-insights-on-stablecoins-and-financial-innovation-heres-what-you-need-to-know","status":"publish","type":"post","link":"https:\/\/infundpros.com\/?p=11284","title":{"rendered":"Deloitte &#038; Paxos Share Insights on Stablecoins and Financial Innovation \u2013 Here&#8217;s What You Need to Know"},"content":{"rendered":"<div>\n<figure id=\"attachment_128794\" aria-describedby=\"caption-attachment-128794\" style=\"width: 1200px\" class=\"wp-caption aligncenter\"><noscript><\/noscript><figcaption id=\"caption-attachment-128794\" class=\"wp-caption-text\">Deloitte. Source: Adobe \/ Tobias Arhelger<\/figcaption><\/figure>\n<p>Banks and large institutional players are looking for avenues into the stablecoin industry following PayPal\u2019s latest crypto foray, according to Deloitte Principal and Partner Richard Rosenthal.<\/p>\n<p>In conversation with Paxos Head of Strategy Walter Hessert, the executives discussed the benefits that dollar-pegged crypto tokens can provide to markets, and how recent developments are making firms more willing to dabble with them.<\/p>\n<p>\u201cA lot of banks have been studying and exploring how to engage,\u201d said Rosenthal during an American Banker podcast episode published on Tuesday. He continued:<\/p>\n<blockquote>\n<p>\u201cDo I become a reserve bank? Do I bank a lot of the cash that\u2019s underpinning the stablecoin? Do I provide the infrastructure to help settle, issue, and support the circulation of stablecoins?\u2026 They see the opportunity. So they\u2019re going to engage.\u201d<\/p>\n<\/blockquote>\n<p>Stablecoins are crypto tokens value-pegged to relatively \u201cstable\u201d assets such as fiat currencies like USD. The most popular stablecoins available today include Tether USD (USDT) and USD Coin (USDC), whose issuers back their tokens with multi-billion dollar reserves mainly comprised of cash and U.S. Treasuries.<\/p>\n<p>Starting earlier this year, Rosenthal\u2019s firm Deloitte began auditing financial statements for Circle, the issuer behind USDC. Furthermore, the company audits Coinbase \u2013 America\u2019s only publicly listed crypto exchange which also provides asset custody for the world\u2019s largest Bitcoin fund, Grayscale.<\/p>\n<p>The executive believes tokenizing dollars and other assets could do numbers to unlock market liquidity that\u2019s otherwise locked in \u201cexisting settlement cycles\u201d \u2013 particularly cross-border transfers. Tokenized assets are also compatible with smart contracts, which make processes \u201cmore efficient\u201d through \u201cautomated logic.\u201d<\/p>\n<p>\u201cClients, banks and the market are looking at a range of use cases, from securities lending to tokenized money market funds, bank deposits, mortgage servicing rights to digitized repos,\u201d he continued.<\/p>\n<h2>PayPal\u2019s Entry Into Stablecoins<\/h2>\n<p><span class=\"replacer\"><\/span><br \/>PayPal announced its new Web3-focused stablecoin PYUSD in August, which now boasts a market cap of $44.4 million. Since launch, the Securities and Exchange Commission (SEC) issued a subpoena against the payments company requesting documents related to its token.<\/p>\n<p>The regulator also forced Paxos to wind down its BUSD stablecoin in February, claiming that the token was an unregistered security. Nevertheless, both Paxos and Deloitte view PayPal\u2019s offering as game-changing for the industry.<\/p>\n<p>\u201cThey\u2019re saying to other payments companies\u2026 that stablecoin is a real product,\u201d said Paxos\u2019 Hessert. \u201cIt\u2019s now a trusted product that you can hold. It\u2019s a safer product that\u2019s backed by PayPal.\u201d<\/p>\n<div class=\"newsletter home-newsletter single\">\n<div class=\"left-side\">\n<p>\n        <em><br \/>\n            Enter your email for our Free Daily Newsletter        <\/em>\n    <\/p>\n<p> A quick 3min read about today&#8217;s crypto news!<\/p>\n<p>    <span class=\"response-msg\" id=\"newsletter-response\"><\/span>\n<\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p>Read the full article <a href=\"https:\/\/cryptonews.com\/news\/deloitte-paxos-share-insights-on-stablecoins-and-financial-innovation-heres-what-you-need-to-know.htm\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Deloitte. Source: Adobe \/ Tobias Arhelger Banks and large institutional players are looking for avenues into the stablecoin industry following PayPal\u2019s latest&#8230;<\/p>\n","protected":false},"author":1,"featured_media":11285,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[28],"tags":[],"class_list":{"0":"post-11284","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-crypto"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Deloitte &amp; Paxos Share Insights on Stablecoins and Financial Innovation \u2013 Here&#039;s What You Need to Know | inFundPros<\/title>\n<meta name=\"description\" content=\"Deloitte. 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