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

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.

I do not know who among the crypto users is being hyped by this news. We already have USDT, BUSD, and USDC. There is no need for another stablecoin pegged to USD, this is created for profit and while giving them control over the PYUSD of any accounts holding it.

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

It is possible because as a stablecoin user, I would rather stay on what stablecoin I am using than using a newly released stablecoin where its creator can also freeze and blacklist any account holding it. This simply means the PYUSD does not bring any innovation to the table.

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Quote from: JeffBrad12 on August 22, 2023, 06:02:56 PM

They launched their own stablecoin which is called PYUSD as indicated in the title and it's issued by Paxos. Thoughts on this? I'm not a Paypal user so I don't see the benefits of using this over USD yet.

I think with digital assets on the rise, PayPal does not want to be left behind and it wants to tap into the rich blockchain technology. PayPal's PYUSD launch is going to provide its large userbase with another means to use its services and will as well help to onboard them to the crypto space. So it's a plus to the crypto community.

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there's definitely nothing wrong with paypal releasing their own stablecoin, the billions market capitalization is just too interesting for them to simply ignore it after all they exactly a company that focused in the same field.
but i'd imagine with their presence maybe they could bring the stablecoin use case into a whole new level. like basically they could be adopting it into their system and integrating it like someone using their paypal accounts directly.
its gonna be very interesting.
the fact that there gonna be more and more stablecoin I guess could also at least helps us to diversify our stablecoins holding at least we are not gonna be losing all our money when some of them collapse, i guess paypal's stablecoin will also have low chance of collapsing since the reserve might be more transparent.

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Quote from: Godday on August 22, 2023, 04:59:07 AM

They named it Paypal USD to make people think that the stable coin has something to do with Paypal. I did not find a single article saying that Paypal has developed their stable coin and what this project is doing is purely what USDC or Tether have done. I don't think it's good to collect a lot of stable coins and only focus on USDT. That is my personal opinion hehe.

well they definitely need to utilize their big name which is paypal.
I personally think there's nothing wrong with it, after all the stablecoin itself was released by paypal and we don't really know how the development process on the paypal side is going.
moreover the fact that paypal themselves announced it, it seems they really eager to succeeds in this field and trying to get that piece of fee from the massive stablecoin markets.
after all, the stablecoin market itself has shown to be having multi billion dollars market capitalization and its always growing ever since, you can judge that they are finally make good decision business wise.

if you are a paypal user, maybe, you can see the significance of it. otherwise, it is just another stablecoin in the market. for me, stablecoin is not worth holding long term. even the usdt has the issue of being not totally backed by assets. so if you are planning to hold long-term better weigh your choices. but if it is just for transfer and payment purposes, you can do so.

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Quote from: Abiky on August 24, 2023, 04:23:25 PM

Quote from: nelson4lov on August 23, 2023, 02:36:26 PM

~Snipped

Centralized stablecoins moves us back into the era of banking (something crypto was meant to avoid in the first place). There's nothing we can do about it if we want "Wall Street" to join the game. Without renowned companies like PayPal, MicroStrategy, and Blackrock, market prices will remain low or relatively stagnant. It's these players who "pump" the market all the way to the moon. Imagine what impact PYUSD will have on the market after it becomes a big hit. It's likely the crypto market will be valued at more than $1T after this. Maybe within the $5T-$10T range.

Thinking about this, PYUSD might actually become the first legally accepted stablecoin (I don't see why not, given its standing in the finance industry for over a decade). Also, the biggest reasons I've seen that has made stablecoins become really popular and dominant despite majority of them being centralized is that, DeFi as it currently is lacks the much needed to make it strives that's why stablecoins are important right now. Once we can get that problem solved, I don't see much importance for them.

Quote from: Abiky on August 24, 2023, 04:23:25 PM

We're going to have to see if Paxos and the US government reach an agreement for PYUSD to grow without limitations. Who knows if maybe "The FED" goes as far as adopting a stablecoin instead of a CBDC to replace the USD? Just my thoughts Grin

As long as Government have a pull over PYUSD or can control it, I don't see why not. The reason why CBDCs became a thing was because they need a digital currency that puts control and power back in the hands of the government.

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Quote from: nelson4lov on August 23, 2023, 02:36:26 PM

Given the number of debacle we have had in the crypto space in the recent year, I won't be too surprised if PayPal USD gains more traction and surpasses the marketcap of existing stablecoins like USDC, DAI or the ever-dominant USDT. Institutional trust were lost after the 3-arrow capital and FTX saga. PayPal USD can use it as a narrative to strive and even Major exchanges lists it, even better. In the long run, I don't think it would make much difference. At least 90% of stablecoins are centralized, exogenous stablecoins.

Paxos might opt for PayPal, there's no disputing that. For a company under heavy security scrutiny, anything goes even if its an overly centralized alternative.

Centralized stablecoins moves us back into the era of banking (something crypto was meant to avoid in the first place). There's nothing we can do about it if we want "Wall Street" to join the game. Without renowned companies like PayPal, MicroStrategy, and Blackrock, market prices will remain low or relatively stagnant. It's these players who "pump" the market all the way to the moon. Imagine what impact PYUSD will have on the market after it becomes a big hit. It's likely the crypto market will be valued at more than $1T after this. Maybe within the $5T-$10T range.

We're going to have to see if Paxos and the US government reach an agreement for PYUSD to grow without limitations. Who knows if maybe "The FED" goes as far as adopting a stablecoin instead of a CBDC to replace the USD? Just my thoughts Grin

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Quote from: nelson4lov on August 23, 2023, 02:36:26 PM

Quote from: Abiky on August 23, 2023, 01:55:22 PM

Quote from: Hispo on August 22, 2023, 01:03:47 PM

~Snipped

I'm sure this new offering will attract more customers into PayPal. After all, most people want to hop into the crypto/Blockchain tech. I believe PYUSD will be off to a good start because of the company's strong presence in the FinTech space. It's a "household name", unlike USD Coin's Circle or Tether's Bitfinex. If all goes well with the regulators, PYUSD might become the standard of international payments. It's likely you'll be able to deposit/withdraw USD using your PYUSD at ATMs worldwide.

I know PayPal's new stablecoin is going to have to compete with The FED's upcoming CBDC (aka Digital Dollar) in the long run. But it won't come down easily, especially if the Digital Dollar can't be used on public blockchain networks for "De-Fi". Who knows if Paxos decides to ditch Binance USD and carry on with PayPal USD to help minimize regulatory pressure? Just my opinion

Given the number of debacle we have had in the crypto space in the recent year, I won't be too surprised if PayPal USD gains more traction and surpasses the marketcap of existing stablecoins like USDC, DAI or the ever-dominant USDT. Institutional trust were lost after the 3-arrow capital and FTX saga. PayPal USD can use it as a narrative to strive and even Major exchanges lists it, even better. In the long run, I don't think it would make much difference. At least 90% of stablecoins are centralized, exogenous stablecoins.

Paxos might opt for PayPal, there's no disputing that. For a company under heavy security scrutiny, anything goes even if its an overly centralized alternative.

The listing of PayPal's token would happen for sure, actually a bridge between Binance and PayPal (deposit and withdrawvals between them) would benefit Paypal, because I am certain they will continue to charge for fees, more volume more fees collected.

However, Binance my be reluctant to list Paypal USD in the case they give priority to their own stablecoin. They have already delisted other stablecoins like USDC quite recently, if Paxos losses the case (perish the thought) then Binance will be forced to issue a non-USA based product to replace BUSD, if everything goes well, Paxos will be allowed once more to mint BUSD and Binance will welcome it's token once more.

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Quote from: Abiky on August 23, 2023, 01:55:22 PM

Quote from: Hispo on August 22, 2023, 01:03:47 PM

~Snipped

I'm sure this new offering will attract more customers into PayPal. After all, most people want to hop into the crypto/Blockchain tech. I believe PYUSD will be off to a good start because of the company's strong presence in the FinTech space. It's a "household name", unlike USD Coin's Circle or Tether's Bitfinex. If all goes well with the regulators, PYUSD might become the standard of international payments. It's likely you'll be able to deposit/withdraw USD using your PYUSD at ATMs worldwide.

I know PayPal's new stablecoin is going to have to compete with The FED's upcoming CBDC (aka Digital Dollar) in the long run. But it won't come down easily, especially if the Digital Dollar can't be used on public blockchain networks for "De-Fi". Who knows if Paxos decides to ditch Binance USD and carry on with PayPal USD to help minimize regulatory pressure? Just my opinion

Given the number of debacle we have had in the crypto space in the recent year, I won't be too surprised if PayPal USD gains more traction and surpasses the marketcap of existing stablecoins like USDC, DAI or the ever-dominant USDT. Institutional trust were lost after the 3-arrow capital and FTX saga. PayPal USD can use it as a narrative to strive and even Major exchanges lists it, even better. In the long run, I don't think it would make much difference. At least 90% of stablecoins are centralized, exogenous stablecoins.

Paxos might opt for PayPal, there's no disputing that. For a company under heavy security scrutiny, anything goes even if its an overly centralized alternative.

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Quote from: Hispo on August 22, 2023, 01:03:47 PM

Paypal is counting on their existing clients to favor the liquidity of this incoming project of stablecoin, I am sure. Their plan is for people who is into crypto to give a new chance to their abandoned Paypal accounts and also they could be aiming to people with Paypal accounts to be able to receive tokens from people who are Binance users but are not Paypal users. If they did not already have a relatively solid ecosystem this would be an idea which did not have anything original or new, in comparison to existing stablecoins in the market, the only appealing feature is the bridge this could make between crypto and Fiat. Also, Paxos could appeal to the Supreme court if everything goes down the toilet, but considering those in the Supreme court are mostly unaware of crypto and are conservative, then there would be not much hope for stablecoins, if this lawsuit was going to be treated as precedent.

I'm sure this new offering will attract more customers into PayPal. After all, most people want to hop into the crypto/Blockchain tech. I believe PYUSD will be off to a good start because of the company's strong presence in the FinTech space. It's a "household name", unlike USD Coin's Circle or Tether's Bitfinex. If all goes well with the regulators, PYUSD might become the standard of international payments. It's likely you'll be able to deposit/withdraw USD using your PYUSD at ATMs worldwide.

I know PayPal's new stablecoin is going to have to compete with The FED's upcoming CBDC (aka Digital Dollar) in the long run. But it won't come down easily, especially if the Digital Dollar can't be used on public blockchain networks for "De-Fi". Who knows if Paxos decides to ditch Binance USD and carry on with PayPal USD to help minimize regulatory pressure? Just my opinion

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Quote from: Godday on August 22, 2023, 04:59:07 AM

They named it Paypal USD to make people think that the stable coin has something to do with Paypal. I did not find a single article saying that Paypal has developed their stable coin and what this project is doing is purely what USDC or Tether have done. I don't think it's good to collect a lot of stable coins and only focus on USDT. That is my personal opinion hehe.

well they definitely need to utilize their big name which is paypal.
I personally think there's nothing wrong with it, after all the stablecoin itself was released by paypal and we don't really know how the development process on the paypal side is going.
moreover the fact that paypal themselves announced it, it seems they really eager to succeeds in this field and trying to get that piece of fee from the massive stablecoin markets.
after all, the stablecoin market itself has shown to be having multi billion dollars market capitalization and its always growing ever since, you can judge that they are finally make good decision business wise.

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Quote from: Abiky on August 22, 2023, 12:32:58 PM

The people at Paypal may be greedy, but they are not stupid.
They are aware that the FED case against Paxos corcerning the circulation of BUSD will likely end up in favor of Paxos. In that case, they may indeed try to jump onto the train of the stablecoin market before it is too late.

Perhaps they realized that there are more people who have moved off pure Fiat wallets towards exchanges to keep their money there, and in order not to lose more clients/users, Paypal probably tries to connect their service with exchanges so people can move those tokens from Binance/Coinbase towards paypal easier, using a deposit wallet and turning those tokens to Paypal USD.

On the other hand, if Paxos loses the lawsuit then it would be a strong precendent for the United States government tk shut down all projects related to stablecoins in their territory, leaving an open path for the future CBD they will likely launch soon.

All eyes are on US regulators' stance towards the stablecoin industry. They can either approve the new trend, or outright reject it. If they approve it, they will regulate it "down to the bone". I wouldn't be surprised if Paxos sues the SEC due to "unfair regulations". A win would mean PYUSD and BUSD will continue their operations normally. Otherwise, you can say goodbye to stablecoins for good.

PayPal's new stablecoin aims to compete with already-established players in the industry. I'm yet to see whenever it will have large demand and liquidity/trading volume in the long run. Who knows? Maybe it'll become the second-largest stablecoin after Tether? Just my opinion

Paypal is counting on their existing clients to favor the liquidity of this incoming project of stablecoin, I am sure.
Their plan is for people who is into crypto to give a new chance to their abandoned Paypal accounts and also they could be aiming to people with Paypal accounts to be able to receive tokens from people who are Binance users but are not Paypal users.

If they did not already have a relatively solid ecosystem this would be an idea which did not have anything original or new, in comparison to existing stablecoins in the market, the only appealing feature is the bridge this could make between crypto and Fiat.

Also, Paxos could appeal to the Supreme court if everything goes down the toilet, but considering those in the Supreme court are mostly unaware of crypto and are conservative, then there would be not much hope for stablecoins, if this lawsuit was going to be treated as precedent.

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Quote from: carlisle1 on August 22, 2023, 05:10:07 AM

The people at Paypal may be greedy, but they are not stupid.
They are aware that the FED case against Paxos corcerning the circulation of BUSD will likely end up in favor of Paxos. In that case, they may indeed try to jump onto the train of the stablecoin market before it is too late.

Perhaps they realized that there are more people who have moved off pure Fiat wallets towards exchanges to keep their money there, and in order not to lose more clients/users, Paypal probably tries to connect their service with exchanges so people can move those tokens from Binance/Coinbase towards paypal easier, using a deposit wallet and turning those tokens to Paypal USD.

On the other hand, if Paxos loses the lawsuit then it would be a strong precendent for the United States government tk shut down all projects related to stablecoins in their territory, leaving an open path for the future CBD they will likely launch soon.

All eyes are on US regulators' stance towards the stablecoin industry. They can either approve the new trend, or outright reject it. If they approve it, they will regulate it "down to the bone". I wouldn't be surprised if Paxos sues the SEC due to "unfair regulations". A win would mean PYUSD and BUSD will continue their operations normally. Otherwise, you can say goodbye to stablecoins for good.

PayPal's new stablecoin aims to compete with already-established players in the industry. I'm yet to see whenever it will have large demand and liquidity/trading volume in the long run. Who knows? Maybe it'll become the second-largest stablecoin after Tether? Just my opinion

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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

The people at Paypal may be greedy, but they are not stupid.
They are aware that the FED case against Paxos corcerning the circulation of BUSD will likely end up in favor of Paxos. In that case, they may indeed try to jump onto the train of the stablecoin market before it is too late.

Perhaps they realized that there are more people who have moved off pure Fiat wallets towards exchanges to keep their money there, and in order not to lose more clients/users, Paypal probably tries to connect their service with exchanges so people can move those tokens from Binance/Coinbase towards paypal easier, using a deposit wallet and turning those tokens to Paypal USD.

On the other hand, if Paxos loses the lawsuit then it would be a strong precendent for the United States government tk shut down all projects related to stablecoins in their territory, leaving an open path for the future CBD they will likely launch soon.

There's a possibility that Paxos might win this case and, like what you mentioned, PayPal is playing their cards trying to ride with the train
and taking this risk if in case the direction favors their side.

Though same deal with the post above you, there's always a chance that the government will chase the project. There're no exemptions as they
wanted to make sure that there's no one who can dominate in terms of controlling the situation.

It's more on a gambling type project for PayPal. If destiny favors them, we might see good implication to the business, if not
expect that downfall will be experienced, especially to those who will try this stable coin to pair it with their crypto assets.

Even if there was not a lawsuit against Paxos going on, Paypal does not have many choices but try to innovate in their products, as soon as a new payment platform appears which is efficient, quick and cheaper to use than Paypal, then that would be the beginning of their end as company.

That is one of the reasons Paypal wanted to get involved with Facebook's Diem/Libra, they did not want to miss out or get replaced. After the failure of Libra/Diem, they looked at the volume stablecoins have in the crypto market and their adoption in developing markets, and decided that is something they cannot afford to ignore any longer.

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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

The people at Paypal may be greedy, but they are not stupid.
They are aware that the FED case against Paxos corcerning the circulation of BUSD will likely end up in favor of Paxos. In that case, they may indeed try to jump onto the train of the stablecoin market before it is too late.

Perhaps they realized that there are more people who have moved off pure Fiat wallets towards exchanges to keep their money there, and in order not to lose more clients/users, Paypal probably tries to connect their service with exchanges so people can move those tokens from Binance/Coinbase towards paypal easier, using a deposit wallet and turning those tokens to Paypal USD.

On the other hand, if Paxos loses the lawsuit then it would be a strong precendent for the United States government tk shut down all projects related to stablecoins in their territory, leaving an open path for the future CBD they will likely launch soon.

There's a possibility that Paxos might win this case and, like what you mentioned, PayPal is playing their cards trying to ride with the train
and taking this risk if in case the direction favors their side.

Though same deal with the post above you, there's always a chance that the government will chase the project. There're no exemptions as they
wanted to make sure that there's no one who can dominate in terms of controlling the situation.

It's more on a gambling type project for PayPal. If destiny favors them, we might see good implication to the business, if not
expect that downfall will be experienced, especially to those who will try this stable coin to pair it with their crypto assets.

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They named it Paypal USD to make people think that the stable coin has something to do with Paypal. I did not find a single article saying that Paypal has developed their stable coin and what this project is doing is purely what USDC or Tether have done. I don't think it's good to collect a lot of stable coins and only focus on USDT. That is my personal opinion hehe.

Hispo

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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

The people at Paypal may be greedy, but they are not stupid.
They are aware that the FED case against Paxos corcerning the circulation of BUSD will likely end up in favor of Paxos. In that case, they may indeed try to jump onto the train of the stablecoin market before it is too late.

Perhaps they realized that there are more people who have moved off pure Fiat wallets towards exchanges to keep their money there, and in order not to lose more clients/users, Paypal probably tries to connect their service with exchanges so people can move those tokens from Binance/Coinbase towards paypal easier, using a deposit wallet and turning those tokens to Paypal USD.

On the other hand, if Paxos loses the lawsuit then it would be a strong precendent for the United States government tk shut down all projects related to stablecoins in their territory, leaving an open path for the future CBD they will likely launch soon.

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

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: 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.

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

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.

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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.

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.

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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.

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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.

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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.

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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.

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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.

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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

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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.

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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.

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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

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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.

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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.

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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

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Quote from: vv181 on August 08, 2023, 09:42:54 AM

This is just a general warning in case anyone is interested in this project, beware that there are many scammer and imposters trying to scam while riding this hype. There are some fake tokens and also people scamming using fake information relating to this project.

Quote from: gabbie2010 on August 07, 2023, 12:30:29 PM

Quite ironic, considering Paypal initially was very skeptical on Bitcoin and Blockchain Technology in general. Roll Eyes

~

Money-making scheme potency knows no irony. If the market is lucrative there always be someone trying to profit it off. The market has a standstill and shows an opportunity for a company to make a profit. Now many entities trying to seize it.

Bear in mind that Michael Sayloy once bash Bitcoin before his company excessively invested in it. It also happens with BlackRock, they once got scepticism, but now they trying to get the BTC ETF fillings. Those examples only contain Bitcoin, but generally, there will always be a way to profit off from the whole cryptocurrencies markets. So I'm not surprised in the future, when the market became more mature, there will be someone who changes their opinion and stance toward this space.

You do good when you try to warn people about possible incoming scams because of the hype and excitement people will have for this incoming stablecoins. I don't have any doubt that some people will try to issue fake tokens similar to PayPal's and try to fool others to accept them as the original.

For this reason is important to always double check the smarth contract on the blockchain, just in case, specially when one is sending or receiving big quantities of money.

Also, while it is true money and businesspeople may not care about irony, they cannot deny it's existence, there some people who just wished the past was forgotten for good. But I won't let them. Wink

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[....]however my reservation is on the high cost of gas when transacting with Ethereum network did PayPal consider that before reaching an agreement to utilize that network? I also read another news where Tron founder was also ready to offer PayPal their own network because of it low cost of transaction link: https://en.bitcoinsistemi.com/justin-sun-suggests-tron-trx-network-to-paypal-for-its-stablecoin-launch/

USDT transfers on the ethereum network is still high despite the gas fee so that's probably one of the major reason why they still pushed for it instead of using other chains with lower transaction fees.

Quote from: o48o on August 07, 2023, 02:48:55 PM

[...]
Well technically one benefit of it would be that you can change crypto in defi and use pegged currency instead of reaal usd and skip the bank transactions. This is a clear middle finger to bank transactions...
They say it's ERC-20 in eth network. So what i am wondering is if they are going to use layer to like arbitrum or polygon for moving it?

I think they will explore those options but that will probably take a back seat for now.

Quote from: LogitechMouse on August 07, 2023, 10:43:04 PM

[....]Also I saw this topic coming from a users, and it says that there is a code in the system where they can just freeze your assets: https://bitcointalksearch.org/topic/big-companies-will-never-let-you-have-the-financial-freedom-5462423
I'm not a programmer, but if this true then this is an early red flag already.

I mean we're talking about Paypal here so that shouldn't come as a surprise. It would be foolish to think that it's decentralized. I was just looking at the benefit for using it in their platform.

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This is just a general warning in case anyone is interested in this project, beware that there are many scammer and imposters trying to scam while riding this hype. There are some fake tokens and also people scamming using fake information relating to this project.

Quote from: adaseb on August 08, 2023, 01:25:39 AM

Quite ironic, considering Paypal initially was very skeptical on Bitcoin and Blockchain Technology in general. Roll Eyes

~

Money-making scheme potency knows no irony. If the market is lucrative there always be someone trying to profit it off. The market has a standstill and shows an opportunity for a company to make a profit. Now many entities trying to seize it.

Bear in mind that Michael Sayloy once bash Bitcoin before his company excessively invested in it. It also happens with BlackRock, they once got scepticism, but now they trying to get the BTC ETF fillings. Those examples only contain Bitcoin, but generally, there will always be a way to profit off from the whole cryptocurrencies markets. So I'm not surprised in the future, when the market became more mature, there will be someone who changes their opinion and stance toward this space.

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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.

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I am using them once in a while and having that own stable coin of theirs could also be the next one in demand like the Tether and exchanges stable coins such as USDC and BUSD.

Well, IMO, they're just going with the flow and they're actually hit with the trend of crypto if they're not going to do any significant action and adoption with what's happening.

So the prophesy of many people from the community have probably said it before to companies like them in a quote, "If you can't beat them, join them".

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As much as I don’t like PayPal, I think this stablecoin of theirs will be successful. Why? Because besides USDC what other alternatives are there that people trust?

There is always tether fud. The Luna was a scam. BUSD is getting shutdown. And TUSD is very sketchy. So many will opt for PayPal’s stablecoin because they trust them more than the alternatives.

I was just about to post this. To be honest, I'm not surprised that they're entering the cryptocurrency world. Quite a few years ago, they were against them at first, then they integrated coin purchases into their platform, and now they're launching their own stablecoin. Not surprising if you ask me. On the one hand, I'm not too fond of major financial corporations entering the cryptocurrency world, but on the other hand, there will finally be a competitor for USDT, in which FUD and rumors are always circulating.

I see plenty of negative feedback for PayPal; however, I've been a regular user of PayPal and eBay and never faced any major issues. I don't use them as regularly as I used to, but I still occasionally prefer them for purchases due to the safety they provide, at least for buyers. I've heard quite a few stories of users abusing their chargeback function in order to receive goods and services for free.

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Quote from: Apocollapse on August 08, 2023, 01:44:21 AM

Quite ironic, considering Paypal initially was very skeptical on Bitcoin and Blockchain Technology in general. Roll Eyes

It is also strange that Paxos is doing this move with Paypal, keeping in mind they still have an unsolved lawsuit coming from the SEC. The BUSD case.

Paypal was started to accept Bitcoin and they didn't allow to send to other wallet, this make no one interested and they allow to send to other wallet after next few months. Now they want to launch their own stablecoin, pretty sure they want to make more money without need to depend on USD.

Yeah it seems the news about lawsuit to BUSD is slowly dying since BUSD price is still fine, maybe due to big Binance's reputation. If Paxos can't defend BUSD's case, then it's a mistake by PayPal to trust them.

I think Paypal did not allow people to send BTC to external wallets because it would be more of a hassle to them to have such mechanisms and also compete against other more established exchanges. All they want is to hold Bitcoin and allow people to speculate on it, without leaving their own pockets. Also, it keeps Paypal in good terms with regulators.

The BUSD case and the fact it has not decreased in value has more to do with the strong backing Paxos has, rather than how good or bad the lawsuit is going for that company.

The fact Paypal decided to go together with Paxos, makes me assume Paypal does not think his token would ever be tagged as an unregistered security

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Quite ironic, considering Paypal initially was very skeptical on Bitcoin and Blockchain Technology in general. Roll Eyes

It is also strange that Paxos is doing this move with Paypal, keeping in mind they still have an unsolved lawsuit coming from the SEC. The BUSD case.

Paypal was started to accept Bitcoin and they didn't allow to send to other wallet, this make no one interested and they allow to send to other wallet after next few months. Now they want to launch their own stablecoin, pretty sure they want to make more money without need to depend on USD.

Yeah it seems the news about lawsuit to BUSD is slowly dying since BUSD price is still fine, maybe due to big Binance's reputation. If Paxos can't defend BUSD's case, then it's a mistake by PayPal to trust them.

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As much as I don’t like PayPal, I think this stablecoin of theirs will be successful. Why? Because besides USDC what other alternatives are there that people trust?

There is always tether fud. The Luna was a scam. BUSD is getting shutdown. And TUSD is very sketchy. So many will opt for PayPal’s stablecoin because they trust them more than the alternatives.

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I am seeing this to be a good move on the part of PayPal as it can be really serious in carving its name in the world and market of cryptocurrency. I had been a PayPal user back in the days when it was the best way to cash in and cash out money outside of my country though am not so active on it right now. Having its own stablecoin can certainly make things a lot more convenient for anyone under the PayPal umbrella. So let's welcome a newborn stablecoin under a "prestigious" and solid organization and let's hope it will not have many issues associated with USDT.

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I don't know if it's just me who have this feeling, but I guess we have a time in the past where people are speculating about Paypal entering into cryptocurrency that made the price of Bitcoin spike up just because of that rumor? Correct me if I'm wrong with this one, but if this turns out to be true... then nobody cares already unlike what it was a few years ago.

Overall, nothing very surprising TBH. I'm not using Paypal anyway, and will not use it at all. Well, those Paypal users that are using crypto are the ones who will benefit the most in this one I guess especially those freelancers who wants to get paid into crypto, but it just released a few days so let's see if this will gain traction, or it will be beneficial to both the crypto users, and the Paypal users.

Also I saw this topic coming from a users, and it says that there is a code in the system where they can just freeze your assets: https://bitcointalksearch.org/topic/big-companies-will-never-let-you-have-the-financial-freedom-5462423
I'm not a programmer, but if this true then this is an early red flag already.

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We already have a lot of problems with Paypal, now they are entering cryptocurrencies.
The first thought for me is they chose a good network which Ethereum network (and for sure later on they will support multiple layer-2 networks).

For me, their goal of having stablecoin is kinda good because Paypal is a well-reputable company in the financial market since before.

(.....)
It is also strange that Paxos is doing this move with Paypal, keeping in mind they still have an unsolved lawsuit coming from the SEC. The BUSD case.

This is the only problem I can see, we already saw the problem of BUSD and Paxos

I hope Paypal will able to manage this.

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Not sure though since Paypal has some bad feedback but since some of ym friends ar eworking and got paid in paypal they said that this wipl be beneficial to them as they can use directly for crypto trading and other platforms but actually prefer the hassle free of some like Binance and other platform that can cater my needs too.

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Nothing exciting here. Just another profit focussed entity aiming to disrupt people from using actually using decentralized cryptocurrencies. I have never used PayPal before, and I doubt I will ever use it, especially when I have other better alternatives. Obviously, my first choice is Bitcoin.

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-cut-
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

Well technically one benefit of it would be that you can change crypto in defi and use pegged currency instead of reaal usd and skip the bank transactions. This is a clear middle finger to bank transactions...
They say it's ERC-20 in eth network. So what i am wondering is if they are going to use layer to like arbitrum or polygon for moving it? I would personally love this idea. Because there's no crypto payment options for paypal in where i live, so i would definitely have use for this.

Xal0lex

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Anything to do with PayPal gives me a bad thought. PayPal is notorious for blocking funds as well as increased censorship of transactions. Stablecoin, which is linked to PayPal, may also have the same features. It is possible that we may see individual addresses with these coins being subject to blocking for various reasons in the future.

bitbollo

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Centralized tokens to be used in a centralized blockchains. The opposite of crypto evolution.
I am not using paypal since 10 years now. vast majority of transactions are done just with bitcoin. Others are managed with direct card payment (not reversible).
I am not missing their service and their horrible ToS.

Hispo

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Leading Crypto Sports Betting & Casino Platform

Quite ironic, considering Paypal initially was very skeptical on Bitcoin and Blockchain Technology in general. Roll Eyes

Anyways, this is good and bad news at the same time, on one hand this will indeed prompt the acceptation and use of cryptocurrency even further and faster, Paypal (whether we like it or not) has a ton of clients world wide.

On the other hand, I don't have any doubt in mind this new stablecoin will be somehow centralized, Paypal will reserve the rights to make void coins gathered from illegal activities and won't guarantee full redentions for everyone.

It is also strange that Paxos is doing this move with Paypal, keeping in mind they still have an unsolved lawsuit coming from the SEC. The BUSD case.

gabbie2010

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