PYUSD a.k.a Paypal USD - page 3. | Bitcointalksearch.org

Abiky

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Quote from: Yogee on August 07, 2023, 10:37:09 AM

They launched their own stablecoin which is called PYUSD as indicated in the title and it's issued by Paxos.

It's supposed to maintain a $1USD value and backed up by the following:
- Dollar deposits
- US treasuries
- Cash equivalents.

Thoughts on this? I'm not a Paypal user so I don't see the benefits of using this over USD yet. Are conversion rates supposed to be higher or trade fees become lower for PYUSD pairs?

https://www.paypal.com/us/digital-wallet/manage-money/crypto/pyusd

I think this new stablecoin is nothing but pure hype. It doesn't bring anything new to the table. PYUSD is just like Tether and USD Coin but with PayPal's branding. Those who have an account on PayPal will be able to access PYUSD directly for goods and/or services. The company is just trying to get into the crypto/Blockchain train. Binance USD is also issued by Paxos (the same issuer of PYUSD), and it's been facing issues with the regulators recently.

Don't expect PayPal to be treated any better, especially when "The FED" doesn't want to lose control/dominance over the USD. If Facebook's planned stablecoin turned into a failure, I would expect the same to happen with PYUSD in the long run. Things could turn into another direction if the US eases off its crypto regulations. No one can predict the future, so we can only hope for the best. Just my thoughts Grin

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Quote from: TravelMug on August 17, 2023, 02:52:37 PM

Quote from: suzanne5223 on August 16, 2023, 07:59:58 PM

Quote from: blockman on August 16, 2023, 06:50:25 PM

Quote from: suzanne5223 on August 10, 2023, 07:59:17 PM

After reading the news I was surprised about the real motive of the PayPal team to create another stablecoin into the market not to talk about the stablecoin being issued by Paxos Trust Company which has issued a lot of stablecoin before since Paxos Trust Company is regulated by the New York State Department of financial services (NYDFS) I expect nothing but just a total centralized stablecoin to control people.

That's what it really is, these companies are making stable coins for their own sake. It's nothing new since we've been stuck in the system where the central bank have been printing our money ever since. With this system that they're trying to built, we're going to start the companies printing their own stable coins soon and this is aside from the CBDCs that we're seeing left and right.

I think the major reason why they create their own stablecoin will be due to the issue that happened with some de-peg stablecoin and I am sure that in the next coming days, they will claim to create a stablecoin won't experience any de-peg issue.
I just hope the investors will open their eyes and if they can be sure of what to do they should hold their crypto in BTC INSTEAD.

That's always been the goal of any stable coin, they were established by other projects because of the depegging, but for sure there will be time that majority of them will be de-peg.

Maybe there could be internal issues or there could be some problems with regulators, like what what USDT had in their beginner.

But the good thing is that there will be lots of options with the inclusion of Paypal and what makes them difference as they are a big company.

Maybe but we have some stablecoin which the depeg is not the reason for it establishment and they are created to address the issues in the stablecoin market. An example is Utopia USD aka UUSD which is the only privacy stablecoin.
Having said that, I never like the idea of regulated stablecoin because it's against to concept of decentralization. However, stablecoin loosing some cent or having $0.99 price doesn't mean it depeg because the USD also loose have at some point due to inflation.

justdimin

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Quote from: Yogee on August 07, 2023, 10:37:09 AM

They launched their own stablecoin which is called PYUSD as indicated in the title and it's issued by Paxos.

It's supposed to maintain a $1USD value and backed up by the following:
- Dollar deposits
- US treasuries
- Cash equivalents.

Thoughts on this? I'm not a Paypal user so I don't see the benefits of using this over USD yet. Are conversion rates supposed to be higher or trade fees become lower for PYUSD pairs?

Paypal is definitely one of those places where if you had just one bad moment with them then you are not going to use them ever again. One of the reasons why I rarely use them unless I must, thats the only reason.

I believe that we can't really do anything about it, I just have to end up with something that would be profitable for me on the long run. This is why I believe that I need to make sure I can make a profit whenever I can, and that's the most important thing for me. I get that not everyone could have a situation where they can make a profit, but that's the point of it, we need to be certain that paypal is not screwing us over. If I can make sure that I can avoid it, then I will keep on avoiding it as much as I can.

TravelMug

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Quote from: suzanne5223 on August 16, 2023, 07:59:58 PM

Quote from: blockman on August 16, 2023, 06:50:25 PM

Quote from: suzanne5223 on August 10, 2023, 07:59:17 PM

After reading the news I was surprised about the real motive of the PayPal team to create another stablecoin into the market not to talk about the stablecoin being issued by Paxos Trust Company which has issued a lot of stablecoin before since Paxos Trust Company is regulated by the New York State Department of financial services (NYDFS) I expect nothing but just a total centralized stablecoin to control people.

That's what it really is, these companies are making stable coins for their own sake. It's nothing new since we've been stuck in the system where the central bank have been printing our money ever since. With this system that they're trying to built, we're going to start the companies printing their own stable coins soon and this is aside from the CBDCs that we're seeing left and right.

I think the major reason why they create their own stablecoin will be due to the issue that happened with some de-peg stablecoin and I am sure that in the next coming days, they will claim to create a stablecoin won't experience any de-peg issue.
I just hope the investors will open their eyes and if they can be sure of what to do they should hold their crypto in BTC INSTEAD.

That's always been the goal of any stable coin, they were established by other projects because of the depegging, but for sure there will be time that majority of them will be de-peg.

Maybe there could be internal issues or there could be some problems with regulators, like what what USDT had in their beginner.

But the good thing is that there will be lots of options with the inclusion of Paypal and what makes them difference as they are a big company.

suzanne5223

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Quote from: blockman on August 16, 2023, 06:50:25 PM

Quote from: suzanne5223 on August 10, 2023, 07:59:17 PM

After reading the news I was surprised about the real motive of the PayPal team to create another stablecoin into the market not to talk about the stablecoin being issued by Paxos Trust Company which has issued a lot of stablecoin before since Paxos Trust Company is regulated by the New York State Department of financial services (NYDFS) I expect nothing but just a total centralized stablecoin to control people.

That's what it really is, these companies are making stable coins for their own sake. It's nothing new since we've been stuck in the system where the central bank have been printing our money ever since. With this system that they're trying to built, we're going to start the companies printing their own stable coins soon and this is aside from the CBDCs that we're seeing left and right.

I think the major reason why they create their own stablecoin will be due to the issue that happened with some de-peg stablecoin and I am sure that in the next coming days, they will claim to create a stablecoin won't experience any de-peg issue.
I just hope the investors will open their eyes and if they can be sure of what to do they should hold their crypto in BTC INSTEAD.

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Quote from: Supianto on August 16, 2023, 06:46:23 AM

I'm not a PayPal user either, so I'm not gonna use it. And I think most crypto bros are not gonna use it too since they already have a favorite stablecoin if they need it. But I hope it may bring at least some more new people into crypto since it can be also exchanged for Bitcoin and Ethereum at least easily right there.

for most of people I frankly think it opens up the chance to invest rather easily, there are many users of paypal worldwides, i'm sure many of them are gonna trying to invest in bitcoin and other altcoins when stablecoin is introduced by paypal.
the thing is that, I think paypal just sees so much potential in this field, stablecoin already having such massive market capitalization and is being utilized frequently by so many people that it has humongous amounts of market capitalization reaching billion dollars.

of course paypal would just jump into it considering the profit that they can generate off the fee alone is already promising.
its the classic scenario of large corporation and companies jumping in to the field they deemed to hold potential of growing their company, after all we might assume that paypal has been stuck at growing their company nowadays.

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Quote from: dansus021 on August 10, 2023, 10:42:02 PM

I think this PYUSD would be the same like other stablecoins, the interesting point is only the token from paypal a well known company. But if PYUSD is withdrawable to other exchange maybe we will get better rate for conversion to other fiat rather than direct to paypal app

and secondly Paxos still have war with SEC right because BUSD

I guess their PYUSD would just dominantly present to their own platform instead, in other exchanges it will be like those ordinary stablecoins in general.
but in their own platform this token might recognised natively into the platform like using ordinary fiat.
but the thing is that, the crypto space is already fine with having the current stablecoins, i mean, i know having paypal releasing their own stablecoin is maybe some good addition to the choices that we could have
but considering the history of paypal that many doesn't seem to favour here, i guess many would just stick with USDT and the likes.

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Quote from: Yudhisthir on August 16, 2023, 11:09:14 AM

I have a bad experience with PayPal in the past, they had near monopoly on online transactions at a time and they disregard their users, held funds without issue and had a non responsive service. One of the reason why I switched to crypto was the uselessness of PayPal. And now as we have control over our money, I'm not going to trust PayPal for my crypto. It's their last resort on staying on business but they won't last for long.

PayPal banned my country from using their service and at that time, it was the only way to receive payments for a service done report. It was a bad situation till bitcoin came along. They know that they're losing out om the volume and getting lower revenues and plan to recoup some of those losses by creating a centralized stablecoin. The fact that PYUSD don't have any unique feature that sets it about from existing stablecoins couple with how sketchy some of the contract functions are leaves little to nothing to write home about.

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Quote from: suzanne5223 on August 10, 2023, 07:59:17 PM

After reading the news I was surprised about the real motive of the PayPal team to create another stablecoin into the market not to talk about the stablecoin being issued by Paxos Trust Company which has issued a lot of stablecoin before since Paxos Trust Company is regulated by the New York State Department of financial services (NYDFS) I expect nothing but just a total centralized stablecoin to control people.

That's what it really is, these companies are making stable coins for their own sake. It's nothing new since we've been stuck in the system where the central bank have been printing our money ever since. With this system that they're trying to built, we're going to start the companies printing their own stable coins soon and this is aside from the CBDCs that we're seeing left and right.

Quote from: vitya1982 on August 16, 2023, 12:55:05 PM

I'm not sure if it's their last resort, but I'm not gonna use it either. I had a bad experience with it too, and I can't trust them at all.

If you had a bad experience with them, much better not to go after them again. But can't stop those people that might like this idea.

fzkto

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Quote from: Yudhisthir on August 16, 2023, 11:09:14 AM

I have a bad experience with PayPal in the past, they had near monopoly on online transactions at a time and they disregard their users, held funds without issue and had a non responsive service. One of the reason why I switched to crypto was the uselessness of PayPal. And now as we have control over our money, I'm not going to trust PayPal for my crypto. It's their last resort on staying on business but they won't last for long.

I don't understand those who use this system either. Now there are many other services that value their clients. But it is best to use your own wallet, from which you have a private key. This is a guarantee that the coins belong only to you. Although you can't say that about tether, it still seems to me that this stablecoin is much better.

vitya1982

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Quote from: Yudhisthir on August 16, 2023, 11:09:14 AM

I have a bad experience with PayPal in the past, they had near monopoly on online transactions at a time and they disregard their users, held funds without issue and had a non responsive service. One of the reason why I switched to crypto was the uselessness of PayPal. And now as we have control over our money, I'm not going to trust PayPal for my crypto. It's their last resort on staying on business but they won't last for long.

I'm not sure if it's their last resort, but I'm not gonna use it either. I had a bad experience with it too, and I can't trust them at all.

Yudhisthir

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I have a bad experience with PayPal in the past, they had near monopoly on online transactions at a time and they disregard their users, held funds without issue and had a non responsive service. One of the reason why I switched to crypto was the uselessness of PayPal. And now as we have control over our money, I'm not going to trust PayPal for my crypto. It's their last resort on staying on business but they won't last for long.

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Quote from: Supianto on August 16, 2023, 06:46:23 AM

And I think most crypto bros are not gonna use it too since they already have a favorite stablecoin if they need it.

You never know. A lot of traders may prefer a more stable and trusted company.

Quote

But I hope it may bring at least some more new people into crypto since it can be also exchanged for Bitcoin and Ethereum at least easily right there.

I don't think their infrastructure has been tested for massive trade volume yet so I wouldn't be confident in saying "easily". It's a big company for sure but for all we know they could be halting trades every minute once the bullrun comes.

Supianto

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I'm not a PayPal user either, so I'm not gonna use it. And I think most crypto bros are not gonna use it too since they already have a favorite stablecoin if they need it. But I hope it may bring at least some more new people into crypto since it can be also exchanged for Bitcoin and Ethereum at least easily right there.

dansus021

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Quote from: hugeblack on August 11, 2023, 07:58:26 AM

Stablecoins, by their nature, need to be centralized and transparent. Unfortunately, there are few transparent stablecoins such as DAI, and even one of the most famous stable currencies, USDT, is very bad and has proven that its value is not linked to the value of the assets in Teller.
Therefore, PYUSD is a good option and alternative for those who do not trust USDT or want to diversify their investments instead of DAI, but as a general rule, you should avoid investing in stable currencies.

In general, the good news is for Ethereum, now there is increased demand and confidence in this blockchain, which may reflect positively on the price.

Good point but you know typical stablecoin right they will say 1000% transparent to its users hahaha and they will give you audited paper as proof. Grin

I mean who's gonna invest in stablecoin right, I prefer to use this as regular fiat when trading, and also good news for layer 1 coins like Ethereum if PYUSD can be withdrawn maybe the Paypal team gonna decide to deploy in other Layer 1.

Quote from: Yogee on August 11, 2023, 05:00:53 AM

Quote from: dansus021 on August 10, 2023, 10:42:02 PM

[....] But if PYUSD is withdrawable to other exchange maybe we will get better rate for conversion to other fiat rather than direct to paypal app

It's an ERC-20 token so it's probably only a matter of time before it gets listed on centralized exchanges.

Quote

and secondly Paxos still have war with SEC right because BUSD

SEC hasn't sued Paxos yet as far as I know so I'm not so sure about that "war" from what I've read. What's known for now is that they're ordered to stop minting BUSD which they complied.

I Hope it get listed on centralized exchange and is withdrawable because paypal rate is different with real world rate

hugeblack

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Stablecoins, by their nature, need to be centralized and transparent. Unfortunately, there are few transparent stablecoins such as DAI, and even one of the most famous stable currencies, USDT, is very bad and has proven that its value is not linked to the value of the assets in Teller.
Therefore, PYUSD is a good option and alternative for those who do not trust USDT or want to diversify their investments instead of DAI, but as a general rule, you should avoid investing in stable currencies.

In general, the good news is for Ethereum, now there is increased demand and confidence in this blockchain, which may reflect positively on the price.

Yogee

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Quote from: dansus021 on August 10, 2023, 10:42:02 PM

[....] But if PYUSD is withdrawable to other exchange maybe we will get better rate for conversion to other fiat rather than direct to paypal app

It's an ERC-20 token so it's probably only a matter of time before it gets listed on centralized exchanges.

Quote

and secondly Paxos still have war with SEC right because BUSD

SEC hasn't sued Paxos yet as far as I know so I'm not so sure about that "war" from what I've read. What's known for now is that they're ordered to stop minting BUSD which they complied.

dansus021

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I think this PYUSD would be the same like other stablecoins, the interesting point is only the token from paypal a well known company. But if PYUSD is withdrawable to other exchange maybe we will get better rate for conversion to other fiat rather than direct to paypal app

and secondly Paxos still have war with SEC right because BUSD

suzanne5223

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After reading the news I was surprised about the real motive of the PayPal team to create another stablecoin into the market not to talk about the stablecoin being issued by Paxos Trust Company which has issued a lot of stablecoin before since Paxos Trust Company is regulated by the New York State Department of financial services (NYDFS) I expect nothing but just a total centralized stablecoin to control people.

vv181

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Quote from: Bitcoin_Arena on August 08, 2023, 06:58:43 PM

Quote from: raidarksword on August 08, 2023, 08:41:06 AM

Definitely a good indications for the crypto industry, this is a good news as well wherein it can create a market trend that leads to good recovery somehow for the market right now. We will know paypal is a e-payment giant that's why this adoption will be big for the crypto industry.

What different does it bring to crypto if the service will remain centralized? I don't see anything to be excited about here. It will just be like another digital dollar owned by a company looking to harvest for profits from all corners of the web.

Look at what the smart contract says

~

Just like a regular mutable, censorable, and controllable stablecoin, one should not expect such kind of project would be decentralized. The thing that this project brings to the cryptocurrency spaces is certainly not a significant innovation toward the features or the technical ecosystem, but rather the liquidity that they potentially can bring to the cryptocurrency market. It also opens up any existing Paypal user for an awareness of the cryptocurrency market.

So the difference is more and more people will be able to conveniently interact with the cryptocurrency market/ecosystem, although, of course, in a centralized manner.

Topic: PYUSD a.k.a Paypal USD - page 3. (Read 644 times)