Paxos, Hashnote partner for PayPal stablecoin and USYC token integration

Digital asset manager Hashnote said it is partnering with Paxos as the two companies plan to roll out an integration between PayPal's stablecoin and the yield-bearing USYC token, according to a statement. PayPal launched its PYUSD stablecoin last year in conjunction with Paxos. Now by partnering with Paxos, Hashnote aims to improve settlement for its USYC token, which is backed by investment in U.S. Treasury Bills, the company's statement said. "Hashnote initiated this partnership with Paxos, selecting PYUSD as our stablecoin of choice, because we see it as the future frontrunner in the stablecoin space," Hashnote CEO Leo Mizuhara told The Block. But U.S. investors "can get exposure to USYC through the Hashnote Feeder Fund," the firm also said.