That triggered a broader panic in the space, wiping about $40 billion from the crypto market. In May 2022, the “algorithmic” stablecoin TerraUSD collapsed when the crypto token backing it, Luna, collapsed. Stablecoins aren’t always as stable as they purport to be. It will be available “soon” on Venmo, the popular payments app owned by PayPal (PYPL) said its stablecoin will be “compatible with that ecosystem from day one. Their purported stability has made stablecoins such as Tether a pillar in the infrastructure of the $1 trillion digital asset market. Stablecoins also act as a sort of on-ramp, allowing investors to more easily cash out their crypto holdings for money that can be used in real life. Most stablecoins are tightly pegged to a traditional fiat currency, such as the US dollar, or to a commodity like gold. Stablecoins, as their name implies, are designed to hold their value steady, making them a vital tool for traders of cryptocurrencies, which are notoriously volatile. “The shift toward digital currencies requires a stable instrument that is both digitally native and easily connected to fiat currency like the US dollar,” said PayPal CEO Dan Schulman. Similarly, crypto holders can send money instantly across borders without incurring remittance fees charged by banks. But PayPal is betting on a future in which digital currency is more mainstream and merchants may request payment in stablecoins to avoid credit card processing fees. The stablecoin, PayPal USD, is fully backed by the US dollar and is “designed to reduce friction” for payments within virtual spaces and provide faster, cheaper transfers of money across borders.įor now, the use case for the new token appears limited to crypto-related and other “web3” applications. Tunde Sotunde, in 2020.Įxclusive Q&A: Blue Cross’ new CEO Dr.PayPal is rolling out its first stablecoin as it attempts to capitalize on the “emerging potential” of US dollar-backed digital tokens for consumer payments. The organization brought in a new CEO, Dr. “Our financial strength and stability give us the ability to fight for our members during the pandemic and beyond.” “As a not-for-profit, Blue Cross NC does not have shareholders, which gives us the flexibility to invest earnings directly toward lowering our customers’ out-of-pocket costs and to make significant investments in capabilities for our members,” said Perry. The company said it saved more than $100 million in operating costs during the year, as well as strong financial returns from further investment in the company’s Blue Premier value-based program, which the company estimated as a savings of some $197 million. Telehealth demand getting a boost from coronavirus – but what is it exactly? “This equals a total spend of approximately $76 million per year,” the statement reads. How large? 7,500%, approximately, the company statement noted, which the insurance provider said that shift persisted during 2021. The company noted that following the onset of the global pandemic, there was a dramatic increase in teleheath services. The second leading contributor to increasing healthcare costs came from rising drug costs, the insurance provider noted in its statement.Īccording to Blue Cross NC, drug costs rose by 10% in 2021, which the company said in a statement was “driven by a 15% increase in the cost of specialty drugs such as antidiabetics and those used to treat autoimmune and dermatological conditions.”Īlo, the joint venture between Blue Cross NC and Deerfield Management, has new CEO, HQ According to Blue Cross NC, claims related to COVID-19 more than doubled, with $185 million in 2020 to $378 million in 2021. Overall, the statement notes that Blue Cross NC believes itself to be in a “strong, stable position despite a lingering pandemic and record high claims and medical expenses.”Ī driving factor of rising healthcare costs came from COVID-19 and the global pandemic. “Unrealized gains in the company’s investment portfolio also contributed to revenues increasing from $9.9 billion in 2020 to $10.7 billion in 2021,” the company statement reads. Meanwhile, the company’s operating income ratio was negative 0.4%. Blue Cross NC to launch new joint venture, focusing on independent physiciansĪccording to the statement, Blue Cross NC’s 2021 net income was $569 million, and the company’s net income ratio was 5.3%.
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