According to PANews, PayPal Digital has been granted a limited purpose trust license by the New York State Department of Financial Services (NYDFS). This type of license is typically held by digital asset custodians and stablecoin issuers. In August of last year, PayPal launched its stablecoin, PYUSD, with Paxos Trust Company as the issuer. The acquisition of the trust license by PayPal Digital could potentially be aimed at taking over the custody of PayPal customers' crypto assets and transferring the issuance of stablecoins internally.
