Illustration by Alex Castro / The Verge
A little over a year after the collapse of the crypto banks Silvergate and Signature, financial institutions are very interested in crypto. PayPal has used its proprietary stablecoin to pay auditors Ernst & Young LLP, using a hub provided by SAP. Visa “is helping to bridge existing fiat currencies with blockchains” through its Visa Tokenized Asset Platform (VTAP).
A lot has happened since those bank collapses, huh? We have a Bitcoin ETF, we have crypto bros meddling in politics, and a mini boom-and-bust cycle on Bitcoin prices. I have to assume PayPal and Visa got started on this stuff a while ago in order to get it popping now, but I do think it’s curious they are focused on stablecoins.
Kinda seems like the big industry players are…