Topic: Is PayPal plannning to Launch of Own Stablecoin? (Read 554 times)

Although that Paypal is still centralized (especially their own stablecoin), I honestly believe that adopting it is still a positive move by them. For once, I think they are really against Bitcoin and crypto adoption, but it took an unexpecting turn last time when they are now introducing cryptocurrency deposits. We’ll just see the outcome of their own stablecoin though, as long it promotes cryptocurrency awareness.

For something like PayPal that has users across the world it might actually be good for the users depending on how it's implemented.

As of now if I a US user send money through PP to someone in another county there is an exchange fee from USD to whatever.
If they are using a satblecoin there would probably be no fee, *if* they do what they said with BTC and have no fee user to user transfers.
So instead of going fiat to fiat with a fee. Or BTC to BTC with no frr (but with BTC price fluctuation) people would be able to do stablecoin to stablecoin.

No why they don't use an existing one I have no idea.

-Dave

Even they launch their coin, I will never going to invest in it since the policy, terms, and conditions of PayPal are too strict. You have to wait long for just a few bucks and show some documents to verify the payment.
Not only this, I've many friends who have already lost their money in PayPal, and I don't think they are going to lose their coins now.

It would be, they are going to make sure that everything goes according to the 'regulators' which is kinda sucks but thats paypal for you and they cant go against these 'regulators'. It could even be just the same as regular fiat just in the form of 'stablecoin' of their own version, there isnt that much information regarding this yet


Imo, this would be lit. Imagine if paypal start offering this and then some other top company try to build this as well. It would push crypto adoption further somehow

Something tells me that this will be a terribly regulated stablecoin that will be blocked even worse than USDT. PayPal is notorious for blocking transactions they don't like, and given this fact, even more so:


I won’t be surprised if this stablecoin can only be bought on their platform, having previously passed KYC.

I wonder what's next? Crypto exchange from Paypal, DEX, P2P exchange, DeFi protocol?

How do you rate the event with this company's plans to launch its stablecoin?

I wouldn't say few, there's still a lot of their users. They've got an estimate of 390 million users worldwide and that's ain't few.

I'll compare this possible launching of their own stable coin to Facebook's Libra that has failed. They're both planned but not executed so let's see if PayPal will just remain on their planning stage and might end up the same as Libra's.

Tether is the worst when it comes to the security but the coins coming from the financial companies like PayPal or any other in future are more worse and its no different from the fiat in the digital format.

Please don't invest in it if they do launch one.

It would essentially be a tokenised version of Paypal funds itself, which is still going to be prone to the fees and restrictions that come with a Paypal account.

I wouldn't be surprised if Paypal decided to take a centralized approach to this token and facilitated chargebacks/token burns as they wished.

it would be a great idea, their stable coin should be traded in crypto exchanges, and with that, everything will be easy to use their platform. I'm sure they know how to handle the legal aspects so they'll get approval and everything will run according to plan. Anything that adds users to the crypto space is a good development that's why this one is good for me.

I'm not sure it would ever really take off and it doesn't offer any benefit to Paypal. They are already the number one online payment processor and have a huge customer base, they can leverage all of that to sell people cryptocurrency within an internal marketplace. They're already doing it for Bitcoin, which acts like a testbed, and they can branch out to offer every single altcoin they choose in future. They already take a hefty chunk in commission from fees and this could just end up undermining their original business model in the long run. They're unlikely to get many people using such a coin outside of Paypal because it doesn't offer original benefits, so besides a gimmicky effect there is little reason to create it.

Here are Jose Fernandez da Ponte's (SVP, Blockchain, Crypto and Digital Currencies at PayPal) words:
“We are exploring a stablecoin; if and when we seek to move forward, we will of course, work closely with relevant regulators”

Source link: https://www.bloomberg.com/news/articles/2022-01-07/paypal-is-exploring-launch-of-own-stablecoin-in-crypto-push

PayPal Coin is expected to be backed by $ Dollar U.S.

I see both positive (+) and negative (-) aspects of this news.

(+) Financial companies are feeling the wind of change and are trying to keep up with new technologies and new opportunities to increase their profits. Can say that this is in some kind of one of the stages of the masses of the adoption of crypto. Does the crypto community want cryptocurrencies to supplant traditional banks? Here is one of the stages to the formation of this.

(-) Did you really think that the traditional banking and financial system would simply wither away from the mass adoption of crypto? Of course not. Those organizations that will not be able to adapt to new conditions will die.

(+) This news, in its own way, attracts the attention of ordinary people to the topic of crypto. Moreover, PayPal has a huge user base, which allows them to be interested in crypto. 

(-) The disadvantage in this, I see, is that the new PayPal Coin will be centralized and, of course, the problem of mandatory verification. And of course, PayPal Coin will be very far from the ideology of Bitcoin.

How do you rate the event with this company's plans to launch its stablecoin?

The fact that PayPal is so big could probably attract a significant number of users to use their coin, however it will never convince people like us which believe in one of the core principles of cryptocurrencies, which is decentralization, without that I do not see how a coin will be any different than the fiat currencies that we already have and that are causing so much issues around the world right now, besides I doubt governments will allow PayPal get away with something like this.

I wouldn't use it even if they decided to come out with this announcement.

There are simply too many regulatory red tapes that are associated with Paypal launching their own stablecoin - the fact that they are a huge financial institution makes them an easy target for financial regulators.

If you are going to be investing in stables, make sure you choose one that is relatively time proven (USDC, TUSD) or is decentralized (e.g. DAI, UST).

They (eBay) no longer owns PayPal and they have actually become somewhat “enemies” since splitting up but the premise here is the same, PayPal is one of that worlds most corrupt organizations and should not be trusted by anyone. It amazes me that people actually buy and store bitcoin and crypto through them. Steer far clear from these scumbags everyone !

Well its business at the end of the day. Maybe they are anti-crypto in the beginning, but if competition are upping the tempo by adopting it and they stay old school, then they will be left out in the closet.

But for sure they are very careful on adopting crypto, because I believed that they are not yet 100% sold on it. Maybe we will see some adjustments on their end in the next couple of years. It could be positive or negative though, or just to cater to their user based.