Thanks to Ripple Labs’s landmark win against the U.S. Securities and Exchange Commission (SEC) in July 2023, the crypto industry’s general attitude has become noticeably rosier and newly optimistic. Even if the SEC has vowed to appeal the ruling.
So to no one’s surprise, traditional financial (TradFi) institutions suddenly want a piece of the cryptocurrency pie again. Enter PayPal announcing the launch of PYUSD, a proprietary stablecoin backed by the U.S. dollar in early August.
The problem? What was intended to be a milestone in TradFi adoption has landed with a thud amongst crypto natives, and it’s not due to some personal vendetta.