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YouTube Debuts Stablecoin Payouts For Creators
YouTube Announces Stablecoin Payouts For Creators. Photo By Christian Wiediger On Unsplash.
YouTube has announced its platform will be utilising stablecoins for the first time.
The media giant is expanding its payout methods to include stablecoins for U.S. based creators (per Fortune). It is reported that this partnership is made possible by PayPal, one of the earliest adopters of stablecoins, and specifically via its PYUSD stablecoin.
Head of Crypto at PayPal May Zabaneh had explained:
“The beauty of what we’ve built is that YouTube doesn’t have to touch crypto, and so we can help take away that complexity.”
Although this is a very positive step for the sector, YouTube isn't the first video and streaming based service to adopt digital currency technology. Rumble, one of Tether's prominent investments and close partners, has also been a proponent for stablecoins.
Also, for PayPal this is a new large source of distribution for its stablecoin, perhaps something that has been missing outside of its native ecosystem since its issuance in 2023 compared with its competitors. PYUSD currently has a market cap of $3.8B - with Ethereum being the largest network at around 70% of the active supply.
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