PYUSD a.k.a Paypal USD | Bitcointalksearch.org

Abiky

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Quote from: Fademigo on November 08, 2023, 11:51:25 AM

I don't like paypal very much.
They can limit or close your account from no reason.
Support is not very good or friendly.

So, yeah, i won't use this definitely

Exactly. A company with a proven track record of censorship and bad customer service cannot be trusted with your money. If they used to block or freeze accounts at will, what makes you think they won't do the same with their stablecoin? Allowing PayPal to launch a stablecoin will give it more power than it already has. The US government should take action by questioning the company's intentions. We can see the SEC is already behind PayPal's "tail".

If regulators stopped Facebook from launching its very own Blockchain, they can also stop PayPal from rolling out PYUSD. We'll have to see if that will be the case in the long run. For true financial freedom, I'd suggest you use Bitcoin or Litecoin instead. Who knows if stablecoins will eventually disappear as CBDCs take over the world by storm? Just my opinion

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I don't like paypal very much.
They can limit or close your account from no reason.
Support is not very good or friendly.

So, yeah, i won't use this definitely

Abiky

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Quote from: Yogee on November 06, 2023, 11:13:54 AM

SEC is now requesting more documents from Paypal about its recently issued PYUSD. It seems their action has triggered both regulators and legislators since they are a big player in the tech industry. It may not be as serious but I think it's better to refrain from using PYUSD at the moment. Wait until SEC releases statement about its legality.

https://www.coindesk.com/policy/2023/11/02/us-sec-subpoenas-paypal-about-usd-stablecoin-company-says/

This is not surprising, especially when US regulators made Facebook's "life" impossible. They didn't want Facebook to launch their very own blockchain network. What makes you think they will allow a big financial company such as PayPal from taking over the USD? The only entity that will be allowed to issue a "digital dollar" is the FED. US lawmakers will ultimately ban the use of stablecoins, paving the way for a CBDC (aka Digital Dollar) to take over the world.

Only truly-decentralized cryptocurrencies (such as Bitcoin and Litecoin) will survive in the long run. For those who bought PYUSD thinking it's the next big thing in crypto, I'd suggest you get out before it's too late. Otherwise, you'd be left holding a "bag" of worthless tokens. No one can predict the future, so let's hope for the best.

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Quote from: nelson4lov on November 06, 2023, 06:52:22 PM

Quote from: Yogee on November 06, 2023, 11:13:54 AM

SEC is now requesting more documents from Paypal about its recently issued PYUSD. It seems their action has triggered both regulators and legislators since they are a big player in the tech industry. It may not be as serious but I think it's better to refrain from using PYUSD at the moment. Wait until SEC releases statement about its legality.

https://www.coindesk.com/policy/2023/11/02/us-sec-subpoenas-paypal-about-usd-stablecoin-company-says/

Thanks for sharing. AFAIK, Paypal's stablecoin is yet to be used/adopted /integrated across the board so the effect should be minimal. It looks like the SEC only subpoena PayPal because their stablecoin lack adequate documentation and might be resolved quickly via some formality and standard regulatory checks and it should be up and running if everything checks out eventually.

Quote from: fzkto on November 06, 2023, 03:59:16 PM

I wonder if the SEC has any claims against Tether or USDC? Certainly won't be using stablecoin from PayPal. But still I think that any stablecoins are not safe. All these coins are dollar equivalent which can become illegal at any time. Especially if CBDC will be implemented soon.

Over the years, yes. This is why both USDT and USDC require paperwork in order for stablecoins to be redeemed.

I wonder where regular cryptocurrency exchanges can get so much money from, especially during bear season when exchanges are losing profits? It seems to me that any stablecoin will be hit eventually. Especially since now a new hype with CBDC is starting to be made. In this case, it would be safer to buy bitcoin and nothing else.

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Quote from: Yogee on November 06, 2023, 11:13:54 AM

SEC is now requesting more documents from Paypal about its recently issued PYUSD. It seems their action has triggered both regulators and legislators since they are a big player in the tech industry. It may not be as serious but I think it's better to refrain from using PYUSD at the moment. Wait until SEC releases statement about its legality.

https://www.coindesk.com/policy/2023/11/02/us-sec-subpoenas-paypal-about-usd-stablecoin-company-says/

Thanks for sharing. AFAIK, Paypal's stablecoin is yet to be used/adopted /integrated across the board so the effect should be minimal. It looks like the SEC only subpoena PayPal because their stablecoin lack adequate documentation and might be resolved quickly via some formality and standard regulatory checks and it should be up and running if everything checks out eventually.

Quote from: fzkto on November 06, 2023, 03:59:16 PM

I wonder if the SEC has any claims against Tether or USDC? Certainly won't be using stablecoin from PayPal. But still I think that any stablecoins are not safe. All these coins are dollar equivalent which can become illegal at any time. Especially if CBDC will be implemented soon.

Over the years, yes. This is why both USDT and USDC require paperwork in order for stablecoins to be redeemed.

fzkto

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Quote from: Yogee on November 06, 2023, 11:13:54 AM

SEC is now requesting more documents from Paypal about its recently issued PYUSD. It seems their action has triggered both regulators and legislators since they are a big player in the tech industry. It may not be as serious but I think it's better to refrain from using PYUSD at the moment. Wait until SEC releases statement about its legality.

https://www.coindesk.com/policy/2023/11/02/us-sec-subpoenas-paypal-about-usd-stablecoin-company-says/

I wonder if the SEC has any claims against Tether or USDC? Certainly won't be using stablecoin from PayPal. But still I think that any stablecoins are not safe. All these coins are dollar equivalent which can become illegal at any time. Especially if CBDC will be implemented soon.

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Quote from: Godday on September 10, 2023, 12:45:55 AM

Quote from: serjent05 on September 09, 2023, 07:04:47 PM

I think people tend to choose convenience than doing their own research and comparing the services of the different options laid infront of them. I am sure that most of the Paypal users will use this PYUSD rather than the long-existing USDT, USDC or BUSD.

Aside from that it is also the first time of the majority of Paypal users to dive into a stablecoins so they will just grab what is offered on their table. So it is not surprising if there will be a huge userbase that will support PYUSD.

Paypal is a trusted digital financial service. I believe PYUSD will soon build a strong community in the future. They can take a strong community from the Paypal ecosystem. I think it will not be difficult for PYUSD to gain a share in the stable coin market. Especially if it can be integrated with Paypal. As a Paypal user, I will certainly be happy with this.

Once the launching of PYUSD sail through and was successful launch into many reputable exchanges then freelancers would have the option of earning their wages via PYUSD thereafter they can exchange it to Bitcoin or other valuable altcoins, while other online good and services, Marchants would also adopt PYUSD for their transactions hopefully deployed with a very fast Blockchain network thus provide a swift and a very fast transaction, it users wouldn't need to worry about exchange of the normal PAYPAL to fiat through a third party that would quote a very poor price, they would rather adopt PYUSD.

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Quote from: Yogee on November 06, 2023, 11:13:54 AM

SEC is now requesting more documents from Paypal about its recently issued PYUSD. It seems their action has triggered both regulators and legislators since they are a big player in the tech industry. It may not be as serious but I think it's better to refrain from using PYUSD at the moment. Wait until SEC releases statement about its legality.

https://www.coindesk.com/policy/2023/11/02/us-sec-subpoenas-paypal-about-usd-stablecoin-company-says/

I'd say it's better to refrain from PYUSD at all. Unless you have no other choice for some reason.

Yogee

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SEC is now requesting more documents from Paypal about its recently issued PYUSD. It seems their action has triggered both regulators and legislators since they are a big player in the tech industry. It may not be as serious but I think it's better to refrain from using PYUSD at the moment. Wait until SEC releases statement about its legality.

https://www.coindesk.com/policy/2023/11/02/us-sec-subpoenas-paypal-about-usd-stablecoin-company-says/

Abiky

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Quote from: carlisle1 on September 15, 2023, 04:25:48 AM

In terms of resources, that statement is true PayPal has decent reserves to support this project, though the success still depends on'
how people who are into crypto to use this new stable coin.

Since PayPal already supporting crypto, it will be up to their end users if how they will utilize the use of this new offer project.

If support comes up, then we will see that PYUSD will be successful, but if there's none, we might see it die naturally.

Big exchanges (Kraken, Bitstamp, etc) are gradually adding PYUSD to their platforms. So we should expect the stablecoin to last for quite some time. As I've said before, PayPal's stablecoin has an advantage among its competitors. With the resources the company has as its disposal, PYUSD can reach new heights. I believe Paxos will eventually ditch Binance USD (BUSD), due to fierce regulatory pressure. It will only remain with PayPal USD forever.

I'm surprised to know that regulators went against Facebook's stablecoin, while leaving PayPal out of the picture. Am I missing something here? How come PayPal can launch its own stablecoin "without obstacles", while Facebook wasn't allowed to do so? These are crazy times we're living into. Who knows if PYUSD goes as far as replacing the real USD in the future?

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Quote from: shinratensei_ on September 09, 2023, 06:48:47 PM

Quote from: Yogee on September 05, 2023, 09:40:03 AM

PYUSD has already been listed on some major exchanges such as Coinbase and Kraken in case you're interested. The current circulating supply according to CMC is at 44,376,440 - https://coinmarketcap.com/currencies/paypal-usd/

It probably won't be long before other exchanges will list it. Expect the supply to also increase so entering the top 10 is only a matter of time.

not much of a market capitalization, I mean they are just starting out but honestly its not even fraction of what USDT is having in term of market capitalization so I guess they are just testing the water for real.
but I wonder who are willing to use this one instead of a longer and more reliable and established USDT since even the market capitalization differs a lot meaning liquidity also differs in various exchanges.
regardless though with many bad experience coming from paypal customers, will they really have place in current crypto space where the competition is really tough?
i mean quite literally there are so many stablecoins out there already and I doubt this competition will not be a whole lot difficulty for paypal stablecoin to get in.

Give it time and let's not forget that trust of people on these coins relies heavily on what's backing it up. We are talking about a stable coin that is backed by Paypal here so they can surpass other companies if they really want to push for wider adoption of PYUSD. I think they are just focusing on certain markets like the US and will expand on countries where Paypal is widely used.

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Quote from: Abiky on September 14, 2023, 09:36:32 PM

Quote from: nelson4lov on September 10, 2023, 03:42:42 PM

It is 100% possible that Paypal put their huge userbase to work by pushing the adoption of their stablecoin project and it would definitely fly. Why use USDT/USDC/DAI when you can just use PayPal's stablecoin with the guarantees that the stablecoin would maintain its peg most of the time (because PayPal said so Cheesy

). It's a win/win for PayPal and it's users.

Users => access to crypto through a secure pathway provided by PayPal.

PayPal => A piece of the crypto cake.

PayPal has the resources and strong presence in the Fintech sector to drive its stablecoin towards non-stop success. PYUSD could replace both USDT and USDC as the leading stablecoin on the market. Only time will tell us if this will happen or not. I'm not worried about stablecoins since they don't pose a direct threat to crypto's existence. They are centralized after all. Using a stablecoin would be no different than using traditional Fiat currencies.

The only reason you'd use a stablecoin is if you want to save on fees when day trading or if you want to protect yourself from volatility without cashing out to Fiat. I think stablecoins will attract more newcomers into crypto than anything else. Who knows what the future holds for PYUSD? Just my thoughts Grin

In terms of resources, that statement is true PayPal has decent reserves to support this project, though the success still depends on'
how people who are into crypto to use this new stable coin.

Since PayPal already supporting crypto, it will be up to their end users if how they will utilize the use of this new offer project.

If support comes up, then we will see that PYUSD will be successful, but if there's none, we might see it die naturally.

Abiky

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Quote from: nelson4lov on September 10, 2023, 03:42:42 PM

It is 100% possible that Paypal put their huge userbase to work by pushing the adoption of their stablecoin project and it would definitely fly. Why use USDT/USDC/DAI when you can just use PayPal's stablecoin with the guarantees that the stablecoin would maintain its peg most of the time (because PayPal said so Cheesy

). It's a win/win for PayPal and it's users.

Users => access to crypto through a secure pathway provided by PayPal.

PayPal => A piece of the crypto cake.

PayPal has the resources and strong presence in the Fintech sector to drive its stablecoin towards non-stop success. PYUSD could replace both USDT and USDC as the leading stablecoin on the market. Only time will tell us if this will happen or not. I'm not worried about stablecoins since they don't pose a direct threat to crypto's existence. They are centralized after all. Using a stablecoin would be no different than using traditional Fiat currencies.

The only reason you'd use a stablecoin is if you want to save on fees when day trading or if you want to protect yourself from volatility without cashing out to Fiat. I think stablecoins will attract more newcomers into crypto than anything else. Who knows what the future holds for PYUSD? Just my thoughts Grin

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Quote from: serjent05 on September 09, 2023, 07:04:47 PM

I think people tend to choose convenience than doing their own research and comparing the services of the different options laid infront of them. I am sure that most of the Paypal users will use this PYUSD rather than the long-existing USDT, USDC or BUSD.

Aside from that it is also the first time of the majority of Paypal users to dive into a stablecoins so they will just grab what is offered on their table. So it is not surprising if there will be a huge userbase that will support PYUSD.

couldn't agree more with this statement, some users just don't care and only use what they consider to be really convenient and i'm pretty sure thats what paypal is targeting nowadays.
a user that just want the easiest thing, since this stablecoin released by paypal will definitely integrate it seamlessly with their platform then its no wonder that someone will definitely favour it.
added with the fact that paypal has already been having a long established user in their platform in which gonna means that they already have their own userbase for this stablecoin even before they are releasing
their stablecoin to the publics,I guess that simple reasoning is the most logical condition concerning PYUSD.

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Quote from: serjent05 on September 09, 2023, 07:04:47 PM

I think people tend to choose convenience than doing their own research and comparing the services of the different options laid infront of them. I am sure that most of the Paypal users will use this PYUSD rather than the long-existing USDT, USDC or BUSD.

Aside from that it is also the first time of the majority of Paypal users to dive into a stablecoins so they will just grab what is offered on their table. So it is not surprising if there will be a huge userbase that will support PYUSD.

It is 100% possible that Paypal put their huge userbase to work by pushing the adoption of their stablecoin project and it would definitely fly. Why use USDT/USDC/DAI when you can just use PayPal's stablecoin with the guarantees that the stablecoin would maintain its peg most of the time (because PayPal said so Cheesy

). It's a win/win for PayPal and it's users.

Users => access to crypto through a secure pathway provided by PayPal.

PayPal => A piece of the crypto cake.

Godday

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Quote from: serjent05 on September 09, 2023, 07:04:47 PM

I think people tend to choose convenience than doing their own research and comparing the services of the different options laid infront of them. I am sure that most of the Paypal users will use this PYUSD rather than the long-existing USDT, USDC or BUSD.

Aside from that it is also the first time of the majority of Paypal users to dive into a stablecoins so they will just grab what is offered on their table. So it is not surprising if there will be a huge userbase that will support PYUSD.

Paypal is a trusted digital financial service. I believe PYUSD will soon build a strong community in the future. They can take a strong community from the Paypal ecosystem. I think it will not be difficult for PYUSD to gain a share in the stable coin market. Especially if it can be integrated with Paypal. As a Paypal user, I will certainly be happy with this.

serjent05

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Quote from: nelson4lov on September 05, 2023, 06:54:38 PM

Quote from: Xal0lex on September 05, 2023, 03:01:40 PM

Quote from: Abiky on August 28, 2023, 12:54:03 PM

Quote from: nelson4lov on August 24, 2023, 06:01:46 PM

~Snipped

These people will choose a PayPal stablecoin and then these same people will tell us all horror stories about how terrible the crypto industry is and that it blocks funds and scams its users. When people opt for a horribly centralized platform, they should be aware of the risks involved and that their stablecoins may one day no longer belong to them. This is not the fault of the crypto industry itself, it is the fault of the investors themselves who popularize such crypto products and become their customers.

I think a big part of the problem is the fact that most people don't actually know what good and what's not. What to trust and what they should immediately toss away. PayPal is a household name in the finance industry so it won't be surprising to see people patronize their stablecoins. Also, if their favorite influencers talk about it, people would line up to use it.

Most people don't want to do the work of researching but prefer to rely on suggestions from their favorite KOLs.

I think people tend to choose convenience than doing their own research and comparing the services of the different options laid infront of them. I am sure that most of the Paypal users will use this PYUSD rather than the long-existing USDT, USDC or BUSD.

Aside from that it is also the first time of the majority of Paypal users to dive into a stablecoins so they will just grab what is offered on their table. So it is not surprising if there will be a huge userbase that will support PYUSD.

shinratensei_

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Quote from: Yogee on September 05, 2023, 09:40:03 AM

PYUSD has already been listed on some major exchanges such as Coinbase and Kraken in case you're interested. The current circulating supply according to CMC is at 44,376,440 - https://coinmarketcap.com/currencies/paypal-usd/

It probably won't be long before other exchanges will list it. Expect the supply to also increase so entering the top 10 is only a matter of time.

not much of a market capitalization, I mean they are just starting out but honestly its not even fraction of what USDT is having in term of market capitalization so I guess they are just testing the water for real.
but I wonder who are willing to use this one instead of a longer and more reliable and established USDT since even the market capitalization differs a lot meaning liquidity also differs in various exchanges.
regardless though with many bad experience coming from paypal customers, will they really have place in current crypto space where the competition is really tough?
i mean quite literally there are so many stablecoins out there already and I doubt this competition will not be a whole lot difficulty for paypal stablecoin to get in.

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Quote from: Abiky on September 08, 2023, 10:17:18 PM

Quote from: Xal0lex on September 05, 2023, 03:01:40 PM

These people will choose a PayPal stablecoin and then these same people will tell us all horror stories about how terrible the crypto industry is and that it blocks funds and scams its users. When people opt for a horribly centralized platform, they should be aware of the risks involved and that their stablecoins may one day no longer belong to them. This is not the fault of the crypto industry itself, it is the fault of the investors themselves who popularize such crypto products and become their customers.

Ironic, isn't it?

Nothing personal, just business

Quote from: Abiky on September 08, 2023, 10:17:18 PM

People support centralized stablecoins and cryptocurrencies, just because they want to "ride the hype". It's all about money these days. Once it blows over, you see them whinning by not making the right decision at the right time. We should expect PayPal's new stablecoin to become a huge success, albeit for a short period of time. Decentralization must prevail for crypto to defeat banks. Otherwise, everything would be more of the same.

I'm seeing people looking more and more towards centralization and KYC. Each new generation of crypto users is more and more supportive of these ideas, perceiving control in the crypto space as some sort of norm, that this is the way it should be. It is unlikely that decentralization will win in cryptocurrency with such a public.

Abiky

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Quote from: Xal0lex on September 05, 2023, 03:01:40 PM

These people will choose a PayPal stablecoin and then these same people will tell us all horror stories about how terrible the crypto industry is and that it blocks funds and scams its users. When people opt for a horribly centralized platform, they should be aware of the risks involved and that their stablecoins may one day no longer belong to them. This is not the fault of the crypto industry itself, it is the fault of the investors themselves who popularize such crypto products and become their customers.

Ironic, isn't it? People support centralized stablecoins and cryptocurrencies, just because they want to "ride the hype". It's all about money these days. Once it blows over, you see them whinning by not making the right decision at the right time. We should expect PayPal's new stablecoin to become a huge success, albeit for a short period of time. Decentralization must prevail for crypto to defeat banks. Otherwise, everything would be more of the same.

Competitors better watch out as PYUSD is set to take the reigns as the leading stablecoin on the market. As long as it gets the regulatory approval from the US, nothing should stop it from "ruling the world". Who knows if this will become the new US digital currency (CBDC) in the future? Just my thoughts Grin

Topic: PYUSD a.k.a Paypal USD (Read 609 times)