Derived from CoinEdition, PayPal Holdings Inc. (NASDAQ: PYPL) has submitted applications to the Utah Department of Financial Institutions and the Federal Deposit Insurance Corporation to launch PayPal Bank, a proposed Utah-chartered industrial loan company. The move aims to expand small business lending and reduce reliance on third-party bank partners. PayPal Bank would offer loans, working capital, and interest-bearing savings accounts, with FDIC insurance coverage if approved. The company also highlighted its existing 420,000 global business accounts and the potential use of its stablecoin, PayPal USD (PYUSD), to facilitate lending operations.
PayPal Files to Launch PayPal Bank in Utah to Expand Small Business Lending
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Summary
PayPal files to launch PayPal Bank in Utah, aiming to boost small business lending and cut reliance on project partners. The proposed Utah-chartered industrial loan company will offer loans, working capital, and FDIC-insured accounts if approved. PayPal also mentioned its 420,000 global business accounts and the potential use of its stablecoin, PayPal USD (PYUSD), for lending. The token launch could support broader financial services for merchants and users.
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