Latest news with #NewYorkStateDepartmentofFinancialServices
Yahoo
12-06-2025
- Business
- Yahoo
PayPal plans to make its stablecoin available on the Stellar network
PayPal (PYPL) announced plans to make the PayPal USD stablecoin available on the Stellar network pending regulatory approval by the New York State Department of Financial Services, or NYDFS. Stellar is a blockchain designed for fast, low-cost payments and real-world utility. By potentially expanding to Stellar, PYUSD leverages the network's speed, low transaction costs, and ease of integration to enhance its utility for real-world payments, commerce, and micro-financing, offering an additional option to Ethereum and Solana. PYUSD on Stellar can be used for fast, affordable cross-border payments and expanded access to essential financial services while bridging the digital and physical world with a vast array of on and off ramps. Users may also benefit from improved daily payment options and financing solutions such as working capital and business loans – use cases already thriving on the Stellar network – ultimately enabling a more seamless flow of value across global markets. Easily unpack a company's performance with TipRanks' new KPI Data for smart investment decisions Receive undervalued, market resilient stocks right to your inbox with TipRanks' Smart Value Newsletter Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>> See today's best-performing stocks on TipRanks >> Read More on PYPL: Disclaimer & DisclosureReport an Issue PayPal Stockholders Approve Key Proposals at Annual Meeting PayPal named commerce partner by Selfbook Nvidia, Microsoft, AT&T, PayPal, Walmart: Major Stock Moves! Buy/Sell: Wall Street's top 10 stock calls this week Perplexity AI Reports Explosive Growth as Users Look for Browser Alternatives Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
12-06-2025
- Business
- Yahoo
PayPal seeks to launch USD stablecoin on Stellar
PayPal has revealed plans to make its USD stablecoin, PYUSD, available on the Stellar network, pending regulatory approval from the New York State Department of Financial Services. The deployment is intended to capitalise on the network's attributes, including 'fast, low-cost payments' to facilitate payments and financial services, the payments firm said in a statement. The Stellar network is known for its 'speed, low transaction costs', which could be leveraged by PYUSD to provide an alternative to networks such as Ethereum and Solana. The integration is expected to enhance PYUSD's utility for various financial operations, including cross-border payments and micro-financing. PYUSD users would gain access to Stellar's network of entry and exit points, aiming to improve the usability of the stablecoin for everyday financial transactions. This includes services from payments to remittances and merchant services. Additionally, PYUSD on Stellar could offer new liquidity and financing opportunities through Payment Financing or 'PayFi'. This allows for instant settlement on the Stellar network, which businesses could use for operational needs such as paying suppliers or managing inventory. Blockchain, Cryptocurrency, and Digital Currency Group vice president May Zabaneh said: 'As we see cross border payments being a key area where digital currencies can provide real world value, working with Stellar will help advance the use of this technology and provide benefits for all users." Stellar Development Foundation CEO Denelle Dixon stated: 'By bringing PYUSD to 170+ countries, we're transforming stablecoins into practical financial tools that millions of everyday users and merchants can actually use. Together, we are bringing stable digital currency to small businesses and individuals in emerging markets all over the globe." This announcement follows a recent partnership between Mastercard and PayPal, which aims to expand payment choices for users at checkout. "PayPal seeks to launch USD stablecoin on Stellar " was originally created and published by Electronic Payments International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
06-06-2025
- Business
- Yahoo
MoonPay gains BitLicense and money transmitter licence in New York
MoonPay has secured BitLicense and money transmitter licences from the New York State Department of Financial Services (NYDFS), enabling the company to extend its cryptocurrency services to residents of New York. This regulatory nod allows New Yorkers to access MoonPay's complete range of fiat-to-crypto services, including the purchase and sale of cryptocurrencies through various payment methods and the MoonPay Balance feature. The BitLicense, a regulatory standard within the cryptocurrency industry, completes the firm's regulatory framework across the US, enabling it to serve in all 50 states. The announcement comes shortly after the crypto payments company revealed its new headquarters in New York City. MoonPay CEO and co-founder Ivan Soto-Wright said: 'With the approval of our New York BitLicense and Money Transmitter Licenses, MoonPay now holds the golden regulatory stack for crypto in the U.S., allowing us to directly serve customers in every single state without gaps in coverage. 'As a U.S.-founded company with a headquarters in New York City, we're immensely proud of this milestone and look forward to our continued work with regulators nationwide to make crypto accessible to everyone.' Additionally, MoonPay is registered in multiple international regions, including the UK, Australia, Canada, Italy, Ireland, and Jersey. In December 2024, MoonPay secured a crypto asset service provider licence under the EU's Markets in Crypto Assets (MiCA) regulation. Last month, MoonPay partnered with Mastercard to facilitate global stablecoin transactions using Mastercard-branded cards. "MoonPay gains BitLicense and money transmitter licence in New York " was originally created and published by Electronic Payments International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
05-06-2025
- Business
- Yahoo
MoonPay Grabs Coveted BitLicense Approval In New York
MoonPay, a cryptocurrency on-ramp and payments firm with over 20 million users, has been granted a coveted BitLicense and money transmitter license by the New York State Department of Financial Services (NYDFS). The BitLicense approval completes MoonPay's U.S. regulatory coverage, complementing money transmission licenses in 46 other U.S. jurisdictions, as well as registrations in the UK, Australia, Canada, Italy, Ireland and Jersey, the company said in a press statement on Wednesday. Donald Trump's crypto-friendly administration has made attaining a solid footing in the U.S. all the more desirable for firms as his administration works on federal regulations. The NYDFS BitLicense approval is widely recognized as a gold standard in the crypto industry. The NYDFS approval comes on the heels of MoonPay opening a new headquarters in New York City, which the company said is now its largest U.S. office. 'As a U.S.-founded company with a headquarters in New York City, we're immensely proud of this milestone and look forward to our continued work with regulators nationwide to make crypto accessible to everyone,' said MoonPay co-founder and CEO Ivan Soto-Wright in a statement.
Yahoo
13-05-2025
- Business
- Yahoo
NY passes new laws aimed to save consumers money: What to know
New York consumers will soon be able to more easily cancel their online subscriptions and have better data privacy protections from "Buy Now, Pay Later" lenders under legislation included in the state's 2026 budget and signed by Gov. Kathy Hochul last week. "This budget is all about affordability — lowering costs and helping New Yorkers with the rising cost of living," Hochul said. "But our tax cuts, credits and rebates won't be much help if bad actors are able to scam or mislead New Yorkers. These new laws are about fairness, transparency, and accountability and will help consumers save money and spend it wisely." Here's what to know about the newly passed laws. New York businesses now need to make their customers aware of upcoming subscription renewals and price changes as well as provide clear subscription cancellation instructions. Specifically, with this legislation, businesses need to provide consumers the option to cancel their subscription the same way they were able to accept an automatic renewal, continuous service offer or price increase. The law will take effect in July, 60 days after it's been signed. Retail sellers in New York with 500 or more employees statewide and an annual gross revenue of $500,000 or more from sales in the state are now required to offer full cash or credit refunds, equal exchanges or store credit for at least 30 days after an item has been purchased. Sellers' refund policies also need to be prominently displayed. The law will take effect in August, 90 days after it's been signed. NY to send inflation refund checks: How much will you get? New York now has safeguards against "Buy Now, Pay Later" loans, such as disclosure regulations, dispute resolution standards, limits on all charges and fees and data privacy protections. Specifically, this legislation prevents "Buy Now, Pay Later" lenders from using, selling or sharing your data without your consent. The law will take effect 180 days after the state Department of Financial Services enacts the legislation. Businesses in New York need to clearly disclose when prices have been set by an algorithm using a consumer's personal data — coined "surveillance pricing" by the Federal Communications Commission — meaning a company could be charging you a different price than your neighbor for the same product. The law will take effect in July, 60 days after it's been signed. What to know: Proposed regulations aim to better protect NY consumers from overdraft fees Stronger overdraft fee protections are not part of the budget but regulations were proposed by the New York State Department of Financial Services in January and mentioned in Hochul's 2025 State of the State address. If enacted, the proposed regulations would keep state-chartered banks from doing the following: Charging overdraft fees on overdrafts of less than $20 Charging overdraft fees that exceed the overdrawn amount Charging more than three overdraft or non-sufficient funds fees per consumer account per day Charging non-sufficient funds feeds for instantaneously declined electronic transactions Charging multiple non-sufficient funds or overdraft fees for the same transaction, including when a merchant resubmits a declined transaction Charging a "sustained," "continuous" or "daily" fee for each day an overdraft balance is not repaid Charging double fees to cover an overdraft, such as one fee for automatically transferring funds from another account and a second fee for the overdraft itself Processing electronic debit transactions in a manner intended to maximize the number of overdraft and non-sufficient funds fees Charging an overdraft fee for an electronic transaction when the consumer's account indicates sufficient funds at the time the transaction was initiated Emily Barnes reports on consumer-related issues for the USA TODAY Network's New York Connect Team, focusing on scam and recall-related topics. Follow her on X and Instagram @byemilybarnes. Get in touch at ebarnes@ This article originally appeared on Rockland/Westchester Journal News: NY passes new laws aimed to save consumers money: What to know
