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AI & Enterprise
The Better Money Company raises $10 million to build stablecoin clearinghouse
The Better Money Company has raised $10 million in funding led by a16z crypto, The Block reported on March 31. The company aims to build a clearinghouse to connect the stablecoin ecosystem. It compares today’s stablecoin market to the fragmented U.S. dollar system in the 19th century, arguing that a clearinghouse is needed to integrate many-to-many markets and enable scaling. It says current structures are costly and lack automation.
Crypto
PayPal launches PYUSDx to support app-specific stablecoins
PayPal has unveiled the PYUSDx platform to support developers in issuing app-specific stablecoins, Cointelegraph reported on Feb. 27. PayPal is launching PYUSDx in partnership with MoonPay and stablecoin platform M0. The platform allows developers to use PayPal USD-based stablecoins inside apps. USD.ai joined as the first developer. PYUSDx tokens operate separately from PayPal USD and cannot be used in PayPal or Venmo accounts.
Crypto
MoonPay builds stablecoin payroll system to support 40,000 firms in UK, EU
MoonPay will support a stablecoin-based payroll system for 40,000 companies in the UK and the European Union, The Block reported on Feb. 10. Companies can use MoonPay\'s fiat infrastructure subsidiary Iron and payroll and HR platform Deel to pay employees directly in stablecoins. Iron CEO Max von Wallenberg said Deel aims to build a large-scale stablecoin payroll system and target $22 billion in global payroll processing by 2025.
