Topic: PayPal Just Announced Plans to Launch a USD Stablecoin - Thoughts? (Read 615 times)

Paypal launched their USD Stablecoin my answer would simply it will be too centralized.

1. PYUSD is backed by the same companies that backed BUSD in the past and we all know about BUSD recent news.
2. Currently the way minting and redeeming is through their Paypal site and back year a go there is case on my friend that paypal freeze the account for unknown reason
3. They are listed on heavily KYC exchanges like Coinbase Crypto.com Kraken and Bybit according to the https://coinmarketcap.com/currencies/paypal-usd/#Markets it is great but people want more exposure on the Decentralized Exchange

@BenCodie. Yes I am saying that somewhere in the future people will sell their bitcoins because they have bought it as a speculative investment. Do you not see it occur on the market?

I did not say bitcoin was used for immoral purposes. You have said this. I said people use bitcoin for gambling and moneylaundering which are very good use cases for bitcoin and many cryptocoins, I reckon.

It can also be used as a very longterm savings account. No one can stop you. However, how can you prove this is not a very longterm speculative investment?

On scaling, you said on 2030 bitcoin will scale. We will wait for this. However, it appears from what is presently being done, scaling will be offchain or on more centralized networks.

On this Pomp, he is only one example of the many larpers in this community who larp about bitcoin and how it will fix everything. Also many times these larpers are very arrogant who think they are better because their coin is the one coin that is better than all coins. It is very head shaking behavior these larpers.

You're saying that holders are mostly
1. Holding to eventually sell
2. For immoral purposes

What about those using it as a very long term savings account, only taking what they need to top up their crypto debit card or cash to live, until bitcoin or another blockchain is more widely available?

This category of people are growing year on year.



Scaling is an efficiency. I was saying to look at the changes from 2016 until 2023. The codebase has improved many aspects of Bitcoin, and I am sure that in the future, new additions will make Bitcoin increasingly scalable. Yes, the block size can not be changed...however transaction data can reduce, and mechanisms to take pressure off of the main chain can be introduced.


Believing in Bitcoin should not be comparable to this guy who has shilled a centralized service and ended up screwing himself and everyone who followed him. If Pomp just stuck to BTC, that meme shouldn't exist. It's a shame he ruined his name with that...however the meme it isn't really relevant anyway...no one here is promoting something like Blockfi...and just because he did that, it doesn't mean that his conviction on BTC is rendered wrong.

@BenCodie. You can disagree, however, much of the holders of bitcoin are presently holding it as a speculative investment that they can sell later. But you can also argue that some of the holders might use bitcoin for gambling, moneylaundering or for payments, however much of the usage is as a speculative investment.

This is caused by the monetary policy of limited supply that you have mentioned. You might say this is superior but this is also not perfect. The limited supply causes price volatility, coin hoarding and because of hoarding, this might cause a centralization pressure on bitcoin.

Also, what is this efficiency are you talking about in the codebase? I am talking about scaling. How much transactions per block can bitcoin do?

In anycase, my original argument is for us to be humble and not behave as if bitcoin is perfect. There are many arrogant people in the community who are like this and some of them were exposed as larpers. It is very headshaking because many people follow them.

I am talking about people similar to this Pomp.

If you actually believe that Bitcoin is nothing more than a speculative investment and has no unique properties that has contributed to its success to date, then you're simply just uneducated. Superior economic rules such as the distribution by mining and the rules in that regard, transaction fees, irrevocability, the supply cap, etc. All play a role in why Bitcoin is better than fiat money economically as well as technically.

If you think Bitcoin won't become more efficient by 2030, I can prove you wrong right now. Go to the codebase of Bitcoin in 2016, look at how much has changed from then to now. You really mean to tell me that nothing new will happen between now and 2030? Get real.

@BenCodie. The better economics of what? Bitcoin as a speculative investment? This is not economics hehe. But I agree, many people will become quite rich by 2030 because of holding bitcoin when the inflows of new dollars enter the cryptospace. Similar to you, I am also holding. However, we should be humble and not be on a position that we act better than other people or think that bitcoin is the best that has no second best, according to Michael Saylor Moon hehehe.

Also, on scaling, I am quite certain bitcoin will be the same on 2030.

Yes, I am talking about people within my community. People who understand economics. People who understand how to identify when one thing is simply better than another.

Bitcoin can not scale? I'm sure there will be a solution by 2030.

Bitcoin gained very high value? Yes, that's superior economics at work.

Fiat will never fall? Look at what happened to money before the fall of the roman empire, look at fiat money right now. Key similarity? Debasement followed by infinite supply.

This isn't faith and belief. It's economics. Unless something that not only faces the time test that Bitcoin has faced comes about, that is what will come after fiat. Or, Bitcoin will be on the level of gold while a scalable solution takes the payment stage.

We are larpers? Again, let's talk in 2030 or sooner. I look forward to it.

Oh, and watch the video you posted? Why waste my time. I could find funny videos about you to but why do that when I can just come back and laugh in the future!

That would be way better because I really do not like Paypal because of the chargeback thing .

Wrong on what? I am talking about asking the people around you in real life who are not bitcoiners when you walk on the street or go to work.

In any case, you know it gained very high value? This is caused by bitcoin's monetary policy which can also be argued that it is the cause of price volatility.

I am not quite certain why some people in the community think bitcoin's success as a world reserve currency that would overthrow all fiat currencies is a certainty. This is very head shaking and not living in reality. The reality is it cannot scale, it is volatile and it needs government issued fiat to determine the price.

You tell me I am part of the forum for a long time and I share the opinion of uneducated people? To this I reply, what I have learned is to stop listening to the larpers of the community who base their utopian predictions on belief and faith. It is very much similar behavior to these gold holders who have been waiting for many years for the gold standard to be adopted again hehehehe. This is what I have learned.

I only want to tell these larpers to be humble and not to act that they are better than everyone or act like bitcoin will solve all the problems about money. Bitcoin is not perfect.

Also, this is how unreasonable and funny larpers sound like. Watch video hehe.

https://streamable.com/vu98am

Actually, you're wrong. People who are also into Bitcoin know exactly where I am coming from. I don't have some unique view which no one else shares. Anyone who has been following Bitcoin, why it exists, why it has gained value to date and so much more know as well. You can argue that you have the "popular opinion" and of course if you walk around the street and ask the people who are within the system, who live from the fiat money system and don't know any better, of course they will have no idea and will share your opinion. It is very surprising that you, being a part of this forum, share the same opinion as the uneducated people who run in the hamster wheel...let's leave it at that though, and come back here in 2030 Or feel free to come back sooner if/when you wake up

Everything will be tokenized soon and Paypal is just one of them since JP Morgan and Blackrock is tokenizing everything base on the articles coming out about their plans. One of it is tokenizing the money we have in our banks.

We are glimpsing the future of what will happen because even the stock market assets will be tokenized ehich I guess they can be sent as currency as well.

@BenCodie. I might be stuck in the past. However, this is the reality that we witness and if you ask the people who are around you in your real life and talk about bitcoin very much similar on how you talk about it in this thread, I am quite certain many of them will have a similar reaction.

I think that you are stuck in the past with your viewpoint. I also think that it is devolved to think that military power must be coupled with the reserve currency. Only the flaws in humanities past have made the two correlated. Otherwise, they should not be correlated.

I also stated clearly that the image was to highlight the nearing end of the USD, as other reserve countries have also ended. The reason I posted that image was to highlight that your view of "USD will be here forever" is factually flawed, all one needs to do is look at the other reserve currencies and how long they lasted in the past.  I will quote my post for you again, since you seemed to focus on the part that I made very clear that I was not focusing on:


You can talk about China, you can talk about India, though at the end of the day, the western world will not bow down to either of these countries, nor will other countries seeking to become more powerful than those you have mentioned. Bitcoin being a reserve currency is not impossible, and even though I am happy to agree that having bitcoin in that image of reserve currencies can be considered a meme for now in 2023...I am sure my posts will age well when we get to 2030

@BenCodie. I am sorry, however, this image you shared is only something similar to a meme. Itmis difficult for bitcoin to be the dominant reserve currency because there will not be a dominant military to back and support it. There is a higher chance that bitcoin will be very much similar to gold, being used as a speculative investment and as a store of value.

In any case, what the next dominant reserve currency might be is the country's currency with a dominant military and a dominant economy. It might be China, also do not underestimate the rise of India. India's economic and military growth will shock everyone.

Just like all other reserve currencies, the US Dollar will fall. When it does, another will take its place. Will it happen tomorrow? Probably not. Will Bitcoin be the next global reserve currency? Maybe not, maybe BRICS will be between USD and Bitcoin. Will Bitcoin be a reserve currency? That's not definite or set in stone. What is definite is that the USD and other fiat money working like it is not designed to last forever. Bitcoin is fundamentally better than fiat. Right now you are right, we can't replace Bitcoin as the reserve currency...but what I am saying is not about right now, it's about the future...and if you think USD or fiat money is here to stay in the future, you are wrong. I am sure of that.

@BenCodie. The argument is not if the American dollar, the Euro or any fiat currency is shit. You are correct, they are shit. I am telling you not to have this position of bitcoin is better because the pricing and the value is based on fiat and it will always be based on fiat. Bitcoin needs the scam fiat for the bitcoin market to exist and for it to have a price very similar to how oil, precious metals and industrial metals' value are based on fiat. This is reality and you will need the scam to continue your existence. Do not tell me you do not use fiat to live in this world. That would be impossible and a lie.

I reckon we should accept reality. If much of the people hold bitcoin as a speculative investment to earn more fiat, this should be okay. We should never imply that we or bitcoin is better than other people or other currencies.

Not really. Bitcoin's value is derived from its economic rules, the ecosystem's speculation, the blockchain ledger, and so much more. While Bitcoin's rules are fixed and do not change, USD and fiat money's rules change around what's needed for it to survive.

If USD = 0 then Bitcoin would be measured against another commodity primarily, like ETH (also a commodity) or Gold. Also, if US = 0, it doesn't mean everything else goes to 0... It means everything else = infinite USD. Just like what's happened in Venezuela with their currency.



For now they don't, as for now, it does not matter. When it effects them, it will matter to them. The way you are looking at it might seem correct to yourself for now, but there will come a day that this is no longer the case and your view will be clearly short sided in hindsight.

People also don't care about their social media data being sold to advertisers or insecurely/carelessly handled, I am sure they will care when their face is painted on a commercial thanks to AI, and it is allowed as they permitted it when they agreed to the terms of service on a platform like Facebook, which had a clause permitting such.


I think you both are forgetting a very important fact.

The US Dollar is a scam, which is why Bitcoin was created and is superior to it.

Even though the USD scheme will be around for some time, it does not mean that its value will be. Bitcoin started at fractions of cents and is now worth 5 figures per coin. As more stablecoins, derivatives of USD, or in other words, more USD monetary supply is created, the higher BTC will be valued in USD. The more Bitcoin's price rises, the less USD is worth.

If you want a non BTC example, just look at purchasing power decline of USD and all other fiat currency to date. This won't reverse...and eventually it will be so bad that shit  will be a nice way to describe fiat money, when you take into account how angry the normies that Syncronice somewhat described in the second part of his post will be when shit hits the fan

You are correct it is confusing because bitcoin is not really backed by anything. The price is determined by how much supply is available on the market, how much demand there is on a certain time and what type of attitude the investors presently have on the market. However, what does the market use to price bitcoin? Where does the market base the value? On fiat.

I agree that bitcoin does not depend on the dollar if there is an international market where it can be directly exchanged for commodities. However, it does not. The pricing depends on shit fiat currencies.

And if we measure Bitcoin's price in USD, then technically Bitcoin is backed by nothing, it has zero value. But at the moment, everything is measured in American dollars. When you go the doctor for surgery, they'll calculate your bills in dollars. Even if they accept bitcoin payment, still, they will calculate it in USD value and then convert into bitcoins according to current exchange rate.

Yes but a lot of people simply don't care about that, is it hard to understand? A lot of people don't care about the fact that their transactions will be recorded by PayPal, all they care about is easy access to crypto and stablecoins to gain profit.

You are confused about what "being backed by something" means.
A stablecoin being backed by dollar means there must be a fixed amount of dollar for each unit of that stable coin. For example 1 dollar for 1 tether.
Can you say that for bitcoin?!!!

Bitcoin price also does not depend on the dollar and is not related to it either. It's just that as the most used shitfiat internationally, it is easier to trade against dollar as opposed to other shitfiats. Otherwise bitcoin, as a currency, has its own value and its own price against all other currencies. If one shitfiat ceases to exist, bitcoin will still exist and work fine!
Not to mention that with the ongoing dedollarisation we eventually will see another centralized shitfiat replace dollar and dominate the market where everything is traded against.

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P.S. It is kind of weird to talk about PayPal launching a stable coin while they launched their dollar backed stable coin in 1998 when they established PayPal

You said that stablecoins are shit backed by American dollars which is also shit. Bitcoin's price is based on dollars and also backed by dollars. The market cannot exist without dollars. Does this imply that bitcoin is also backed by shit also?

You also said that you wish to witness Paypal's stablecoin would make it easier for inflows into bitcoin. This clearly implies a possbility of a pump that might become a bubble if this occurs. However, what would happen if people want to dump their bitcoin because they want dollars?

I will not be a hypocrite and tell everyone that I do not want to witness a big pump on bitcoin, however, mixing idealism with our speculative investments and having a position that say we are better, the other coins have no right to continue might not be a very good position to have.

However, I agree on the argument on stablecoins. I have always speculated that they might have fractionalized already. If the speculation is correct then stablecoins are fractionalized currencies backed by fractionalized currencies hehehehe.

Credit is shit. Military is where all the money went, and why the gold standard was eventually abolished. The invasion of Saddam Hussein is only one of many war crimes that the US have committed with the power they have amassed via the fiat money scam.

What better opponent to give Bitcoin than the once unopposed, all powerful reserve currency of the world? As Bitcoin has grown, USD has lost its power. As BTC continues to grow, USD will continue to lose its power. That is what the price truly reflects.

When you convert or redeem PaypalUSD you are able to convert shit to Bitcoin. Just like you can convert USD to BTC. If it's possible, it's another funnel of demand for Bitcoin.


Point 1 & 2, agreed. Point 3, being a stablecoin and using the blockchain is fashionable for businesses. If you do it, you are "on the bleeding edge" so to speak. A blockchain can make systems lighter in weight or replace resource intensive or code heavy components. If setup with the intention of greater control (likely paypal's intention) then it could also allow for better mechanisms in that regard. There's a lot of perks for the business to move to a blockchain and it makes sense, but it doesn't mean that it's good outside of the business in the long run.

The USD is backed by the credit of the American government and America's military as what was shown when Saddam Hussien declared that Iraq will begin using the Euro for oil trades. They were invaded only 1 month after this declaration.

Also, many people in the bitcoin community say that the dollar is shit, however, in what currency do we price bitcoin? What are the proposals and how to price bitcoin away from shit?

You also mention that Paypal's stablecoin will be good for the cryptospace if it can be moved in the cryptospace without limtation? According to your words, it is shit. Why would you want more shit in the cryptospace?

Doesnt matter because both things are shit btw. 

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My impression on why Paypal did make their own stable coin? They do really just want to be recognized and trying to go with the waves with  crypto trend and since crypto people does know about
those current existing stable coins USDT etc.. then they would just simply attached into it and make them look that they are joining the bandwagon.

People get blinded usually by this is into those people who do love on dealing with traditional things but to those who do give out importance
about decentralization then its just an additional pure shit here on this space.

You're close. It's dogshit backed by catshit.


PayPalUSD is not going to be useful if it is not accepted as a payment method when you click the "Pay with Paypal" button at checkout, so this is more likely just an attempt to make money like the Wall Street banks would do.


If Paypal already has a good TPS with their own proprietary microservices, then why do they need to make a blockchain?

A welcome development by PayPal but they have to create the coin across blockchains and not just ETH as there are many downsides arising from fees and speed. If we have the millions of people currently on the paypal network emptied into the ethereum network, we might be having much more than enough congestion as the network was not made to scale with beyond design capacity. They should adopt the USDT strategy.

I am surprised that no one has pointed out the fundamental economic flaw with this concept.

If the USD is backed by nothing but faith, confidence, and (arguably) oil....and PayPal is backed by USD... Then what isn't this technically just shit backed by shit?

It's good for cryoto, if it enables people to move from PayPalUSD to cryptocurrency with no limitation. However, limitation is the biggest problem with PayPal. I doubt movement between crypto and PayPal's stablecoin will be seamless or limitless.

The main reason PayPal is doing this is for database integrity via the blockchain ledger, making all payments traceable while reducing the liability and costs involved with the amount of data they process daily. There will probably be a massive scalability boost if the blockchain they use has a reasonable TPS....

Though that's another question. If PayPal is going to make all balances backed by its stablecoin eventually, what chain will it be deployed on and can it keep up with PayPal's TPS?

Compared to the centralized stablecoins, yes it is. At least you know that the tokens in your non-custodial wallets are yours and aren't going anywhere without the correct signatures. A different threat, though is de-pegging. You might remember that a few months ago several stableconis got de-pegged, including DAI and USDC. I don't remember if the cause of it was significant loss of liquidity or a breech of some sort.

Hopefully that never happens, but power is known to be abused many of the times.
And we have many corrupt governments around the world who will use any power they have against the ordinary individuals.

DAI is a much better option to the rest of the stable coins or worse, the CBDCs.

- Jay -

Why not? To my mind there is a very high chance that USDT will end up like Terra because they mint whatever numbers they want without actually backing it up with real assets and that's not only just a rumor. PayPal, on another hand, is number one payment provider, has been in business since the beginning and are still leaders in their niche. This makes PayPal very safe and trustworthy and definitely makes me think that there is a very low chance that PayPal's stablecoin will go down to zero because if that happens, then the PayPal as a company will demolish and this corporation is big enough with smart employees to not let this happen.
If you talk about PayPal blocking user's stablecoins, then you are right, that will happen in case governments or company thinks that there is something wrong but we don't talk about privacy here, then you shouldn't use stablecoins and stick with Monero. For businesses, rich traders and average people, PUSD is better alternative to fiat than USDT.

I don't think it's always about not caring. Some use stablecoins as protection against the volatility that regular crypto assets go through but without selling their cryptocurrencies and exiting into fiat, which would create taxable events. In that case, they could use DAI, but mostly go for one of the more popular stablecoins instead. The freezing of assets is an unfortunate feature of such tokens that will hopefully never be used against ordinary and innocent individuals on the orders of government institutions and those in power. 

You are be correct, however, there is an argument that because Paypal is one of the biggest payment processors in the world, merchants will be forced to accept PYUSD. I am quite certain if Paypal announced that they would allow PYUSD users to deposit PYUSD to exchanges in the cryptospace, all exchanges would accept them hehe. This might be free cashflow to from more than 100 million active users.

And the holders do not care a bit cause many of them do not even believe in actual decentralization. It is either they do not trust themselves to safely hold the tokens or they appreciate what they believe to be extra security when the developers freeze stolen coins, when the question should be why all the breaches are happening in the first place.

- Jay -

Great! That's exactly what we needed. One more stablecoin to add to the already long list of them.

Well, you just described every popular stablecoin project in existence except DAI. They are all centralized, they are all closed-source, and the issuers can freeze the stablecoin tokens in your address with the right request/paperwork from law enforcement. It doesn't even matter if you store they coins in a non-custodial wallet.

IF PP does not charge the stupid 2.9% CC fee or anything else I can see this becoming a PP bubble for things. They get to make entries in a database about what balance you have in your PayPal Digital Dollar account and it only comes to life when you withdraw it.

And I'll bet you that they just sit on the money that stays in their world earning interest on it, while your PayPal Dollar earns nothing.

-Dave

Nobody is going to accept a USD stablecoin from paypal if they can't use it to pay on websites that say "pay with paypal". If this is something that is going to be kept within Paypal's website and not go out to its payment card infrastructure, it's not going to make a dent like credit cards (issued by the banks) did.

Am not expecting this from a reputable organization like PayPal to take in this offer when bitcoin nis there and they are doing nothing about it acceptance first, aren't their customers not going to be more excited if this development was aimed at bitcoin adoption, this will only limit their capacity towards partaking from the world economy and financial development and advancement with the global adoption of bitcoin from making payments, they may be left out or never be among the early organizations to see the benefits with crypto payments.

News update and Paypal is not only going to attack the stablecoin market.

It was declared that NFTs are dead, however, why is Paypal filing patents for NFT trading and transfer? What I speculate is very clear for much of the people in the forum. What we have witnessed on 2017 with Cryptokitties and Cryptorocks were only the beginning. The bluechip NFTs might become native store of value assets for the cryptospace and DeFi with small marketcap NFTs fighting for their place to get the bluechip classification.



Digital payments giant PayPal has filed a patent application for a system that would enable the transfer and trading of non-fungible tokens (NFTs) within its network. The company’s application would allow users to buy and sell NFTs using fiat currency or other cryptocurrencies directly on PayPal’s platform. This move comes as the popularity of NFTs continues to grow, with more and more artists and creators using them to sell digital assets such as artwork and music. PayPal’s entry into the NFT market could make it easier for both buyers and sellers to use the technology.

Source https://coinpedia.org/crypto-live-news/paypal-seeks-patent-for-nft-trading-and-transfer/

Thinking about that, it's really possible since it runs in eth network with of course smart contracts and with all what have seen from all the existing stablecoins — frozen funds, so expect that to happen.

For a company like PayPal who love to control their ecosystem...I bet you this stablecoin will make it possible for buyers and sellers to be able to chargeback because buyer/seller protection are among their feature products that make PayPal popular .

Btw, when it comes to PayPal and crypto very few countries have access to this and how will this stablecoin work...will it also be exclusive to a few countries  Already seeing red flags coming from these guys 

l think it is a good move in the world of digital currency, if properly implemented.  This will motivate the site towards  provision of a more useful service in the area of digital currency. Although there are other existing good stablecoins, this will assist in enhancing the acceptance of stablecoins generally. All in all, perfect implementation is required.

Pretty much depends on whom you ask.
Besides, by linking cards and providing one's address to Paypal, they have pretty much everything they need to search much of one's personal finances (assuming one's bank comply with their information requests).

Who knows, perhaps Paypal is going into crypto now, they may be forced by authorities to enforce even tighter KYC policies, compared to those we have accustomed to see on exchanges. Those policies were implanted on exchanges, because the control over the money belong to the user once crypto leaves to a private non custodial wallet, if Paypal allows to withdraw in the same way, then it will happen what I say about KYC.

Since paypal is kinda wallet, KYC is required but it's not as worst as other exchanges and wallets though, no selfie or video verification. Just basic info and linking cards and bank accounts.

The effect that I think this move from PayPal will have is the trend towards more centralization and government control, also the elimination of privacy, that's what I think.

Centralized stablecoin is worse than fiat if you didn't know, it's more like CBDC than cryptocurrency. So you don't have to get too excited about such big news.

Yes, Paypal is a very old and great name in the field of online payment services around the world, and this step will bring more users, but they will not be happy anyway due to their use of a central Stablecoin and the application of KYC, AML restrictions.

Yet another centralized crypto is not necessarily good for the industry. I mean, we already have so many options, but I guess after Coinbase and Binance went with their own stablecoin, Paypal also has to do the same.

Remember, exposure is not same as utility. Just like "buying" "bitcoin" on Paypal is not at all the same as owning real BTC.

Mate, we have had USDT for years at this point, and that is what everyone is using. Of course, the company that mints USDT (Tether) cannot be trusted to keep it fully pegged, but do you honestly think that PayPal USD will get huge adoption?

It has a huge disadvantage that it's a completely different token (I don't think even ERC-20, otherwise that would mean Paypal depends on decentralized Ethereum) and hence not accepted as payment by pretty much the entire internet. It would also compete with whatever CDBC the governments are trying to come up with.

Even with none of the advantages, it still carries the negative stigma of being associated with "crypto" so the only realistic outcome I see for this product is a fast and swift demise.

Though liquidity will mostly be on the Ethereum main chain, stablecoins can be send and received far cheaply on layer-2s like Arbitrum and Base. Just like how you can do so with USDC and USDT.

It's just another stablecoin hype, i don't think it will be used by many   when there are already existing ways to transfer fiat money online. Why fiat, i consider stablecoins as fiat in cryptocurrency form since its centralized. And talking about fees, it will be a hell of fees to transfer sooner when the whole eth blockchain is congested which regularly to happen.

Not really a landmark development case, Paypal must change its approach and be more innovative by adapting to the changing times and this will eventually happen, Paypal has lost the competition as the sole and leading payment processor because of the emergence of Cryptocurrency.
Paypal still wants to capture or recapture its market by adapting Cryptocurrency and at the same time taking full control and being centralized and launching its stable coin is the key to this.
Now that they've launched their stablecoin they will have a stronghold in the market, now that they are more in Cryptocurrency I see them launching more products and services related to Cryptocurrency but of course with centralized features.

I am not a fan of closed source, centralized services like PayPal and Stable coins. It is not big news for cryptcurrency as PayPal users could already easily by crypto on their platform and creating a stable coin will not convince those on the fence to buy some bitcoin.

This will have some alight adoption impact but I do not see any long term gain for Bitcoin.

- Jay -

We have more than one topic that talks and discusses the reasons for PayPal doing this, so it is better to lock this topic.

you can update this topic ---> https://bitcointalksearch.org/topic/paypal-becomes-first-major-fintech-to-launch-dollar-backed-stablecoin-5462386

It's not the first type of stablecoin issued by a private company as a standout benefit, especially which I've learned in a while, the PP version of a stable coin is gonna be very centralized. I think it's just a representation of the PP service with all terms of use.

PP doesn't even have to use the term "fast and cheap" as the USP of their product, if used outside the ecosystem of the platform it will depend on the Ethereum network and the user's transaction self-settings.

It's official - PayPal has revealed their plans to roll out a new US dollar-backed stablecoin. You can read the announcement here:

https://newsroom.paypal-corp.com/2023-08-07-PayPal-Launches-U-S-Dollar-Stablecoin

This is big news in the cryptocurrency space. Having a major brand like PayPal issue a stablecoin could help drive mainstream adoption.

What impact do you think this move could have? Some potential implications:

- Millions of existing PayPal users will have exposure to cryptocurrency benefits 

- It could expand access to faster and cheaper payments, especially for remittances

- PayPal would be well-positioned to provide crypto lending services to users

- It could accelerate the use of stablecoins for e-commerce and other digital transactions

- But regulatory uncertainty remains around stablecoins

Do you think this will be a landmark development for crypto going mainstream? Or is the potential overhyped? Share your thoughts and predictions!