Topic: Is PayPal plannning to Launch of Own Stablecoin? - page 2. (Read 554 times)

A coin that will only be limited to PayPal platform I suppose, the idea of having their own stablecoin is not bad but the problem is it will only serve people using platform unlike the other stablecoins that can be used crosschain, well perhaps it will be a good thing

Everybody could really make out some U-turn specially into those who are against nor anti crypto since from the start and made out some reconsiderations on adoption or accepting it into their service or business and its true that this is business from the start.

Whether it is having some bad reputation or views by majority but still business wouldn't really let an opportunity to slip on if they do know that they could really benefit from it.

Of course as a centralized company then you would really expect that they would be still keen on adopting on everything.

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.

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.

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).

Any person/institutions/company/group would be always be free on what they would gonna do since this is a free market even though they might be seen to be that against with crypto back in the past and

turns out to make out some U-turn then so be it or let them be because decisions would vary on whats up into their mind.If Paypal would create their own stable coin then so be it.

People here on crypto is still aware on how these coins works and how heavily centralized it would be still.

Banks can't just "hold" dollars and be functional, they need to invest that, or loan that out in order to make money. If crypto somehow takes that away, then banks will be only there to keep your money safe and that is not good enough for them at all. They need to turn a profit, having money in the bank doesn't make them any money at all, maybe they can charge you a fee for it, but how much money would they even make from it?

So, they need to use all of that money in the bank to make a profit and with crypto we are lowering the methods they could use that money to make a profit. Loans are the last thing left for them, right now crypto is still not easily loaned out, and it may take a while before it can be in the future as well, which means that we need to figure out a way to do that, if we can then banks are going to be screwed for sure.

At the end of the day if that is what they want to do then they are free to do so, however I doubt they could since governments are not going to allow a private company to create their coin so easily, and even if that was the case there is no market for such coins, as the adoption of cryptocurrencies in general is too low, which means the average person will not see a need to do this while people like us are not going to be deceived and will avoid such coin no matter how they try to promote it.

I do think that most of the countries, companies, are going to release their own stable coins, therefore this is going to be interesting regarding how this whole thing will work, because most of the stable coins are based on the USD. Banks would defiantly not have a problem with anything since cryptocurrencies are already integrating with the economy.
Banks need people right now, they need investments, I do think that banks would definately regulate it but they will allow. The probelms they do have is usually with cryptocurrencies like : Bitcoins which are Decentralized and is not owned by anyone in particular but everyone who hold those coins itself.

The part where you said that banks are going to wither away because of all these cryptocurrencies, especially stable coins that are being released, are you forgetting that all these stable coins are backed by the US dollar, and all the U.S. dollars are being held in the banks or controlled by the banks?

So, there’s really nothing like the banks withering away, and they are still going to be there, although the activities that they will have to play in the future might be reduced to an extent because of these cryptocurrencies that are being released, and also because people are now starting to take over activities that has to do with managing their finances and all that, through cryptocurrency.

That's what I personally experienced in using Paypal as well. They declined and held my funds for unknown reasons and their support isn't responsive. I've heard that they're planning to launch their own coin but I really find it too risky to use their app for their restrictions since it's centralized.

Regulators are the main problem that hinders crypto adoption from being carried out by large companies in the world, but paypal seems to be exploring to get the regulator from related parties, so if paypal succeeds in developing the project they are currently carrying, it will certainly change the world view of cryptocurrencies.

That will be a positive system and positive news for all investor and this sector related people so i am very glad too see this news already Samsung trying too do good something and other big company taring too involved.so everything is good news for all of investor.

Additional of those coins which is mostly been created or issued by platforms/companies or government itself wouldnt really be giving out much impact towards cryptocurrency adoption.
They might been masked out as cryptocurrencies but honestly they arent really that considered on that category since its totally state controlled or centralized as simple definition.
This market hadnt become this big if we do still stick into those centralized system and now we are totally opposing and that what makes this crypto market slowly increasing.
Doesnt matter if these companies would create their own and join up the bandwagon but its not totally having that difference.

Wow, getting into crypto just now is late even by PayPal standards. From shiting on crypto to being interested in ti, they can't have a genuine idea if their lives depend on it. At least PayPal had something to it when Musk was around. I don't know, maybe I just dislike PayPal, but I can't deny that even them going after crypto is, on the grand scale of things, a good thing. There are always minuses that can be presented, but I think in this case, PayPal are so unimportant in this, that it can only be viewed as a small win for crypto.

I would guess that they are after literally that. I mean if there is something that they could make money from, then why wouldn't they make money from it? It is definitely a valid point and they could do it just for making billions of dollars. Remember, this is a company and they are only in it for the money, they are not building something to make your life easier just because they are good people, they are doing it so that they could get rich.

So, if they could create a stablecoin, not go to jail or pay a hefty penalty and be legal, and could make billions of dollars along the way, they do not care if it helps anyone or not, they just want to get the money and not be in trouble for it. This is why so many companies are getting into it, why do you think Binance created BUSD, why USDC was created, and to be fair why USDT was created at first as well.

There's no advantages if Paypal launched his own stablecoins except making the company/owner rich. Stablecoins is just a stablecoins where the value always stick with USD and remain close 1:1, while there're many stablecoins exist (even better with the decentralized one). Regarding this news will make adoption, I disagree because Paypal already launch their own market to buy and sell crypto... so ordinary person/people used Paypal should know crypto.

That PayPal is a giant payment platform doesn’t mean that they will get by easily with stuff like this. I’ve already seen other bigger platforms that try to also do things that are similar to this and they didn’t get by easily, so I don’t really think that it is going to be any different for PayPal.

Although I do believe that if they should do things right or follow the right process, then it’s going to workout. And their idea of creating a stable coin is pretty good, and is going to make things to be a lot easier on their platform, or wallet, for users who are interested in cryptocurrency. So, I’m really looking forward to them releasing this stable coin anytime soon.

Well, it would be tradable first onto their own platform and as for the exchanges. We know that some of them have their own stable coins and I don't think that they'd be willing to adopt a competitor that might get the volume that should go for their stable coin.

But some exchanges are always willing for this.

Thus, do not forget that this is still in the plans. And plans are not yet the final phase and we have to wait and see if it's really going to work and executed.

I'm not sure that's the case, though I haven't checked and haven't read through this thread fully yet.  If PP is indeed still owned by eBay, I'm not sure why they decoupled in the last year.  Sellers on eBay are no longer required to accept PayPal, and I don't think most buyers use it anymore like they had to before the decoupling. 

I don't think this is just some hype announcement, either.  PayPal is probably looking to create its own stablecoin--but so was Facebook when it announced Libra, and we all saw how well that went down with the regulators.  I don't see much of a difference here; each company was attempting to make its own version of the USD, and the government didn't take kindly to that.  Even if PayPal's version succeeded, it's not something I'd take seriously as a cryptocurrency, because you can be damn sure any transactions using it would be tracked even more closely (and permanently) than any payment system that went before it.

And you know what?  That's just what the government wants--just take a look at the new regulations on taxes for eBay sellers.  I don't know who the IRS is going after, but eBay has to send sellers a 1099 form for any sales over $1000 or something like that.  Apparently it's the little sellers, because $1000 isn't a hell of a lot of money these days.  Something makes me think PayPal might just get its way with this one, and it'd put them in bed with the government 100%.