Congresswoman Maxine Waters has expressed concerns about PayPal's new digital currency. PayPal USD, the popular payment giant's own stablecoin, was recently released.
Waters stated that there should be stricter federal oversight to ensure sufficient client protection and financial stability.
Stablecoins have yet to make a significant influence on day-to-day consumer payments. Similar efforts by other large corporations, such as Meta Platforms, have met with severe criticism from financial authorities around the world.
The United States House Financial Services Committee is now working to establish a regulatory framework for stablecoins. This includes a newly advanced bill describing the registration and approval requirements for stablecoin issuers.