New stablecoin from Paypal (PYUSD)

[Riberet19]

Just a few hours ago the news came out that the giant of payment processors PayPal has launched its stablecoin backed by Dollars called PYUSD and issued by Paxos Trust, the same company that issued BUSD (the stablecoin of Binance) and Pax gold (PAXG, cryptocurrency linked to gold) this company was sued by the US and forced it to cease the issuance of new BUSD tokens a while ago.

What do you think of this news, could PYUSD suffer the same fate as the stablecoin of Binance BUSD? Do you think this will help Crypto adoption?

 

[akinlolu99]

I am not a big fan of Paypal because I don't fancy the kind of stress that is involved in it I can see in how how much stress for someone in my country to get one I just forget anything Paypal.

 

[Riberet19]

I am not a big fan of Paypal because I don't fancy the kind of stress that is involved in it I can see in how how much stress for someone in my country to get one I just forget anything Paypal.

Please focus on the topic discussed, we are talking about the new PayPal Stablecoin, not the difficulty of obtaining an account with PayPal in some countries, many countries are on the blacklist of PayPal for various reasons, but this is not what the subject is about, thanks in advance.

 

[Ja Sa Bong]

When I found out Coinbase made it possible to buy cryptocurrency through their platform by linking your PayPal account to it, I knew it's not going to take long and PayPal will launch their own stable coin. I want it to be successful because if they embrace cryptocurrency very well, they will reduce their too much of being uptight with how they treat users of PayPal. Cryptocurrency offers more freedom to users.

 

[Riberet19]

When I found out Coinbase made it possible to buy cryptocurrency through their platform by linking your PayPal account to it, I knew it's not going to take long and PayPal will launch their own stable coin. I want it to be successful because if they embrace cryptocurrency very well, they will reduce their too much of being uptight with how they treat users of PayPal. Cryptocurrency offers more freedom to users.

I hope that the Stablecoin can be used outside the PayPal platform, that is, that you can use it in many wallets and exchanges where you can trade with it and its use is not limited only to PayPal, otherwise, it will be a failure in my opinion, because many people will not be able to access it, because remember that many of those who will be interested in said stablecoin are people from level 3 countries, who surely does not have access to PayPal.

 

[Ja Sa Bong]

I hope that the Stablecoin can be used outside the PayPal platform, that is, that you can use it in many wallets and exchanges where you can trade with it and its use is not limited only to PayPal, otherwise, it will be a failure in my opinion, because many people will not be able to access it, because remember that many of those who will be interested in said stablecoin are people from level 3 countries, who surely does not have access to PayPal.

Yes, if it's a stablecoin, it should be used outside PayPal just like USDT, BNB and other stablecoins available. If the PayPal stablecoin can only be used on PayPal, it's more than useless as it's the same thing as PayPal funds in the owners PayPal account.

 

[Nomad]

I did not know that Paxos Trust also issued BUSD and PAXGOLD. May years ago Paypal and a few other companies partnered with Meta (called facebook back then) to create a crypto called LIbra, which was later rebranded as Diem. However, after all, partner companies backout of the deal, including PayPal, Meta sold the project. Perhaps, PayPal's desire for crypto did not die and ended up creating their own stablecoin.

 

[Shortie]

This is actually quite interesting and something I was not aware of until I saw this thread.

As much as PayPal does have its issues and some people do not like to trust them which is understandable with how they deal with things, seeing them come out with its own coin shows how dedicated they are to wanting its own coin and with PayPal being a well-known company, it is a coin that could be very promising in the future.

 

[Riberet19]

This is actually quite interesting and something I was not aware of until I saw this thread.

As much as PayPal does have its issues and some people do not like to trust them which is understandable with how they deal with things, seeing them come out with its own coin shows how dedicated they are to wanting its own coin and with PayPal being a well-known company, it is a coin that could be very promising in the future.

PayPal has always been in favor of cryptocurrencies, at least its CEO, as he made known in one of the discussions of recent years at the Davos Forum (World Economic Forum) is why this movement was surely going to occur at any time, it can be a good boost in the medium term for the crypto world, I think PayPal could be planning its own crypto exchange within its platform, something like Payeer works nowadays.

 

[Heatman]

There was a time when PayPal allowed there users to buy cryptocurrency as investment on their PayPal application. You can send the cryptocurrency to another PayPal user but not another cryptocurrency exchanger. After seeing that, I knew they would move towards having a stablecoin and they did in less than 2 years.