But in the grand scheme of things, the PayPal project is in a much stronger political position than the mistrust of all Libras was. Republicans are happy that the payments company launched its stablecoin, known as PYUSD, this time. The sponsor of the bill, Rep. Patrick McHenry (R-North Carolina), chairman of the House Financial Services Committee, called the move a “clear signal that stablecoins – if issued under a clear regulatory framework – hold the promise as a pillar of our 21st-century payment system” and made it “more important than ever” to continue to pursue the legislation.
