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PayPal USD, a cryptocurrency pegged to the US dollar, has marked a significant milestone in digital finance with its stability and growing market acceptance, paving the way for mainstream adoption of cryptocurrencies.

The SEC has dropped its investigation into PayPal’s PYUSD stablecoin, marking a significant victory for the company and potentially signaling a shift in regulatory attitudes towards cryptocurrencies.

PayPal has launched a series of initiatives to boost adoption of its stablecoin, PYUSD, including a 3.7% annual yield and a partnership with Coinbase, in a bid to challenge the dominance of established stablecoins.