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Here are Jose Fernandez da Ponte's (SVP, Blockchain, Crypto and Digital Currencies at PayPal) words:
“We are exploring a stablecoin; if and when we seek to move forward, we will of course, work closely with relevant regulators”

Source link: https://www.bloomberg.com/news/articles/2022-01-07/paypal-is-exploring-launch-of-own-stablecoin-in-crypto-push

PayPal Coin is expected to be backed by $ Dollar U.S.

I see both positive (+) and negative (-) aspects of this news.

(+) Financial companies are feeling the wind of change and are trying to keep up with new technologies and new opportunities to increase their profits. Can say that this is in some kind of one of the stages of the masses of the adoption of crypto. Does the crypto community want cryptocurrencies to supplant traditional banks? Here is one of the stages to the formation of this.

(-) Did you really think that the traditional banking and financial system would simply wither away from the mass adoption of crypto? Of course not. Those organizations that will not be able to adapt to new conditions will die.

(+) This news, in its own way, attracts the attention of ordinary people to the topic of crypto. Moreover, PayPal has a huge user base, which allows them to be interested in crypto. 

(-) The disadvantage in this, I see, is that the new PayPal Coin will be centralized and, of course, the problem of mandatory verification. And of course, PayPal Coin will be very far from the ideology of Bitcoin.

How do you rate the event with this company's plans to launch its stablecoin?

I don't know if I'd take these ideas seriously, especially from PayPal.

Assuming it's still owned by eBay, its probably just trying to get some demand on ebay stocks (since they just seem to fall relative to their profits).

Also, I don't know if anyone uses PayPal for any other reason than it being useful for not putting in card details when paying for stuff, if you instead have to bother to sign a transaction or do something fancier then why would anyone bother?

All this being said, a centralised organisation controlling a cryptocurrency might make it more forgiving from scams and accidental mistakes (eg sending to addresses spelt wrong).

I read this like a day ago, I just glanced through it on Cointelegraph. Why would PayPal want to create their own stable coin when the coins they are supporting now like bitcoin can not be transferred (received or sent), PayPal users can only buy or sell but can not send and receive. PayPal can change this later but I am wondering if they do not change, how would it be different from fiat? Also, PayPal is a company that can not be trusted about cryptocurrencies as they bring up confusions that can mislead people about what cryptocurrencies are, they are even worse than centralized wallets when it comes to cryptocurrencies. I can never use PayPal for anything related to cryptocurrencies.

PayPal will do it in a way to be centralized and relate to or support fiat.

PayPal will think of all these before starting or they will face new rules and regulation from the US government. Just know that PayPal main goal is fiat and central control.

Yes. People that are using PayPal.

It will be more than centralized and operate with fiat.

I'm pretty sure exploring != planning.

The former likely means that they're still trying to find out if it's worth doing or if it's feasible; while the latter likely means that they're probably already decided. Also taking note that these huge companies frequently "explore" stuff that they can implement to their company; without any guarantees in the end that they will push through.

Good job by the media by creating a "pAyPaL cOiN" to get clicks and shares from the normies though.

Few Paypal users over the years. Paypal is a declining payment method already and to be able to stay in the competition, creating a stablecoin is just another attempt to make its customers stay on their platform. It's of course centralized. Seeing where they could go with this kind of plan which in the later years we'd be seeing a Paypal exchange where this Paypal coin will only be traded in the market having BTC/PAYPALCOIN.

I wouldn't say few, there's still a lot of their users. They've got an estimate of 390 million users worldwide and that's ain't few.

I'll compare this possible launching of their own stable coin to Facebook's Libra that has failed. They're both planned but not executed so let's see if PayPal will just remain on their planning stage and might end up the same as Libra's.

When Paypal creates its own coin it is commonplace in business but if it is forced to be centralized then the demand is also limited to those who are fiat lovers.  The CEO of Binance said that it would be very appreciated if the CBDC came along with crypto but it would be a shame if it was created to limit the space for crypto in the market.  Paypal, however, is a staunch supporter of Fiat, so it's hard to trust a company with a different orientation.

For something like PayPal that has users across the world it might actually be good for the users depending on how it's implemented.

As of now if I a US user send money through PP to someone in another county there is an exchange fee from USD to whatever.
If they are using a satblecoin there would probably be no fee, *if* they do what they said with BTC and have no fee user to user transfers.
So instead of going fiat to fiat with a fee. Or BTC to BTC with no frr (but with BTC price fluctuation) people would be able to do stablecoin to stablecoin.

No why they don't use an existing one I have no idea.

-Dave

Perhaps because it could become a controversial situation. Look for example at the controversy about tether. Or it could be because none of them are a state currency and there may be something in the laws that prevents them (I don't know the US laws).
There is also another possibility: from a company point of view, it may be better to have full control over something you integrate into your company, rather than using an external party.

Just my 2 cents.

We usually say Not your keys, not your coins. Paypal could say Not your stablecoin, not your company.
Honestly, in their shoes, I would do the same.

As for the rumor, Paypal already talked about a possible Paypalcoin, at the time they added BTC months ago. They were saying more or less the same thing "we're exploring"

that's very true, paypal users continue to grow even though currently transaction activity on paypal is decreasing because of the many competitors

I agree with @mk14 opinion, paypal is just trying to explore what happens if they execute their plan above, will many support!

the possibility that paypal coin will become "the next failed libra" is also very large

Paypal will have to find alternative ways to stay afloat. Cryptocurrencies can entirely remove the need for having a remittance provider or payment processor. So sooner or later, they will have to find more ways to generate revenue. Their crypto adoption was one of their survival strategies.

So I won't be surprised if Paypal will actually launch a stablecoin. That will make their remittance business work like a dream at fraction of the current remittance cost. It's the same idea on what Ripple is based. So you can expect them to launch a stablecoin in near future.

Saw that's on the news and I'm smiling while reading news like this about bitcoin and PayPal because I remember PayPal was spreading bad and negative news about bitcoin and they believed that bitcoin won't and can't grow too much, while months ago they change their mind clearly and started to do accept cryptocurrencies now they even want to create their own stable coin, however,  I'm not sure if people will really like use this stable coin because very much centralized and will need many regulations for sure.

Paypal is regulated and heavily centralized platform then you would really expect that each things that they would tend to create below will surely be abiding with those regulations so its not really that surprising that

possible coin that they would make would be centralized one and you could really able to tell out on just using your own common sense.People would adapt? For old paypal users then they might really consider it out

whether out of curiosity or would really be taking it as an another option but for those whose aware about crypto and stable coins then this isnt something an interesting news for them.

This is written in the article


The bolded part indicate that they are now in development stage already so they probably have noticed the potential of launching their own stablecoins and is now currently trying to develop if it is possible but yeah its still pretty early to know wether they'll pull through this or not because they can just completely stop and throw the idea away

From the Q4 2020 report:


Paypal is dying almost as much as Bitcoin  ;)

As for their stable coin, is going to be a totally centralized coin where on top of all the problems that comes with now you're going to have to trust Paypal with the funds that guarantee the value, might be better than tether as it's obviously not going to be that shady but not an award-winning in either. Plus I'm fairly sure they will not allow exchanges that are not licensed in the US to use it, it will simply mean too much trouble for far too little.

Paypal is not still owned by eBay and hasn't been owned by eBay for over 5 years now. Paypal is actually heavy into Bitcoin already and has been allowing customers to buy crypto through it - actually works brilliantly for them because they get to have some control/leverage over the crypto market with minimal risk to themselves. Paypal of course charge their cut and don't allow any sort of customer control of the wallet, which minimizes any blockchain fees. This model is actually set to be much more efficient and environmentally friendly (layering wallet funds in a separate system controlled via database records) as long as they can adequately secure a master wallet.

I am sure it would be something that is dangerously close to USDT and way too centralized for my taste. Doesn't mean that they will do it, there are tons of companies trying to do something in blockchain world as well without going into monastery ways, just using blockchain for business and database related stuff, but none of them really do it, or at least only a handful of them do it. This is proof enough that Paypal is just looking into it and that's all, we are not looking into anything else right now.

I hope they do not do it because I know their power and if they do it then we are going to see a lot of people starting to use it as well.

I have doubts about the words in bold in your text. Here are articles from almost a year ago: https://usethebitcoin.com/paypal-withdraw-bitcoin/ and https://www.msn.com/en-us/money/news/paypal-will-finally-let-users-withdraw-bitcoin-ethereum-other-cryptocurrencies/ar-AAKqCVz

Regarding this, I would like to know the opinion of US users (we will clarify that only they have the opportunity to buy BTC on the PayPal platform). Is it possible to withdraw BTC from PayPal to other wallets?


Yes, PayPal influenced by the government like any other financial institution, therefore, they will do as government are told. It seems to me that the main goal of PayPal, like any other bank, is, 1st of all, to make a profit, and everything else is secondary.

There is nothing wrong in seeing a stable coin launched from a company that have already implemented crypto payments into its platform, support or no support I expected this idea to work out because it's simply just a stable coin and it will be centralised too, what could possibly go wrong?

Paypal has been existing so many years now. If I'm not mistaken it is already roughly 23 years operating. And right now, there are so many exchangers and e-wallet both at the same time that has been rising and developing which means Paypal has now so many competitors unlike before wherein there are only a few. With this being said, could probably be the reason why they are planning to launch their own stablecoin, if it was really true. Maybe Paypal just wants to have an edge over other exchangers and e-wallets nowadays to make their customers stay and to have more possible users for the following months once it will be implemented.

Although I just hope they won't be too strict on the usage such as the buying and selling of it because that would defeat the purpose if they would be too controlling of the users' decision over the handling of the stablecoin. If this would really happen, let's see if they would be able to handle it well. Most central exchangers want to be involved in blockchain technology perhaps because of its features. Let's just wait how they will manage it. Hopefully, they'll implement it well to retain and encourage more customers.

One competitor is bitcoin and even they've just adopted cryptocurrencies, the number of their competitors are growing and that's why instead of beating them, they've joined the game.

We have to see it go first but that comparison of the failure of Libra, it's from a big company but didn't push through. That's why the thought of having that failure is no different from the first projects that have tried it.

Even it is PayPal, they're not exempted of failing with that plan.

They are thinking smart on situation since little by little they are been overcome by bitcoin and its a good move for them to adopt bitcoin since this could make them survive in this business so for sure others will follow since this is the new trend right now. Also I see it a good move for having that plan so hopefully they will succeed since there's a huge competitor if we talk about stable coin and for provably they will get a hard time to surpass the other who came out first.

So many digital wallets popping out, we are being forgotten. I have an idea, "Let's create a stablecoin!". I am sure we will be back in mainstream again because of this new gossip.  ;D
Isn't it a bit too late?! They should've created this when they made the announcement of acceptance of buying Bitcoin in their platform. That way it will be not just be an explosion but like a nuke dropped in the cryptocurrency field. I don't agree or disagree and not even neutral. It's just okay. Do it, let's see where it will go.

Paypal is the absolute definition of a company that should be using a stablecoin.  Its goes against everything crypto used to stand for, but so does Elon Musk, and crypto 'investors' take his Tweets as the word of God.  Paypal is also what made Elon all his money.  So there is that....

Its not a dying service.  Its used worldwide to send money 10x faster than a bank.  

Also Libra Coin didnt fail.  They changed the name to Diem.

Correct, besides now that governments are exploring the creation of their own coins I doubt they will tolerate that a company like PayPal that is entirely focused on being a form of payment will do something like this, so all in all even if they are exploring this possibility I think the chances are very low that something like this gets implemented, because the moment they try to do so the regulators will come to them and shutdown the project indirectly through their regulations.

Stablecoins are the root of the evil type of thing in crypto these days. People get in and out of cryptocurrencies with ease thanks to these centralized stablecoins, even fiat would have been better. I mean when you are in crypto, going back to fiat takes a slightly more time compared to stablecoins, not a lot but still like maybe 10-15 minutes longer when you consider banking hours it could be even more.

This is also the key for most leverage places as well, you have a dollar worth debt and when you are going the wrong way you get liquidated and all of your crypto turns into stablecoins. The last thing we need is an industry giant to start their own stablecoin, facebook had their own thing for a while and I am hoping that we do not end up having the same thing once again. Not that it would be impossible or horrible but it would definitely not be profitable for anyone.

Its still pretty early for all of these companies to move around crypto space and create whatever opportunity that they deem profitable for their companies. Back when they started to add the new feature to buy and sell crypto, they probably didnt expect that it will blown up and the fact that this new idea is still in development phase means that they are not fully ready yet

Paypal's Coin will certainly be centralized without a doubt, and without a doubt it will be completely different from the Bitcoin ideology, but the mere thought of Paypal making its own coin gives us a great indication of how different Bitcoin has made in the world of money and payments, in the beginning all these global companies were The big one that covers the payment system around the world completely rejects the idea, but we see them now racing to enter this new world. It is the fait accompli that Bitcoin imposed, despite all the correct negative points you mentioned. I see that thanks to Bitcoin, we are at the gates of a new financial world system completely different from Previous.

If they bring their own stable coin which will be backed by USD then how crypto will be benefited from it? They are a very big company so many new people will come to crypto so fresh money will flow but the problem is it will be centralized which we are trying to eliminate. We are trying to create a decentralized economy so how that could be possible with a centralized crypto assets. It may serve good purpose for paypal but not for crypto.

They were totally hesitating on touching it up due to some legal issues or in with regulation since they do know that government is totally opposing crypto adoption thats why hindrance of these common

big companies could really be seen but they had made out their decision on touching or recognizing it and now that they have seen a possible benefit which can add up revenue then its expected that they

would really be doing such step for them to do so and creating their own coin is the one but do they really think that people here on crypto market would see it as a good add up?
I dont think so.

They (eBay) no longer owns PayPal and they have actually become somewhat “enemies” since splitting up but the premise here is the same, PayPal is one of that worlds most corrupt organizations and should not be trusted by anyone. It amazes me that people actually buy and store bitcoin and crypto through them. Steer far clear from these scumbags everyone !

Paypal owns Venmo, and Venmo directly competes with CashApp. CashApp allows stock trading but offers a large crypto platform too, so if Venmo doesn't already offer crypto, they soon will. I see Paypal as strictly a fiat based system and payment processor, doesn't seem to me that crypto users would be particularly interested. If they did create a stablecoin, they'd probably just use Venmo to to push it.

Maybe PayPal is highly corrupt, but the positive mind Keep people using it. eBay and PayPal have been partnered and it got broken in the year 2020. Now eBay is with talks of partnering with adyen for transaction support. Adyen is an Amsterdam based transaction company.

PayPal might've found creating a stablecoin to be cost effective way to make transactions faster than the present system. Maybe that could've interested in going for a stablecoin, but we don't know how far this is going to be effective in real-time.

We would be seeing the effects of application when it is already been integrated.The thing we can do for now is to speculate whether it would really be that a big change or turns out to be nothing or not interesting at all.Every company could possibly made out those kind of changes as they would really be going along on whats the current trend which could neither be beneficial for them.
Of course they had made out such brainstorming whether they do apply it out on the business or would totally just skip out but we've seen that they had
consider it out.

I think everyone explores stablecoins ever since tether destroyed $500 million dollars worth of their own supply back in 2018.

The $500 million number definitely put stablecoins on many peoples radar and those positioned to leverage those types of gains in the financial world would naturally explore and pursue such an option if it became available.


Without knowing more details, its difficult to say exactly what paypal's motive is.

Perhaps they feel pressure from 3rd party payment apps like venmo, apple pay and whatsapp and are looking for competitive advantages.

Yes, it's still popular as it is and got millions of users worldwide so it's not really a dying service, they're just adopting the trend that might get them with their competitors and so they've added crypto.

It is the reality that failed and that's why they have to replace the name into Diem. To avoid being tagged to the failed project that they've once worked for.

Well, as for the success, we don't know with that. There's too many stable coins in the market already as long as they can provide that they're backed with real money and it's for sure going to be a centralized stable coin.

We already have USD Coin. No need for PP coin. It won't make any difference.

PayPal doesn't care that there are dozens of stablecoins, they are interested in making their own. It has become big business, and PP has obviously smelled profit in that, they are not the first or the last to make their stablecoin. What fascinates me most is the fact that people use stablecoins en masse, not only for trading, but also to store their money thinking it's a safe way - and they don't know that most stablecoins can be frozen even if you keep them in a non-custodial wallet. Another stablecoin in a row, but with the PP signature will surely attract a bunch of potential users who will use it.

I have a 10 year old Paypal account and haven't been using this account in the last few years(since I've discovered Bitcoin).I'm thinking about deleting that account,since I don't use it anymore,but I'm confused about the possibility of using this account for something in the future.
I live in a country,where Paypal isn't accepting crypto payments.I guess that all the "Paypal has become crypto friendly" thing is still in the US only.I don't care about Paypal since 2016/2017.I wouldn't care about them even if they create a centralized shitcoin.
This is definitely a clickbait article,but if Paypal really wants to launch their own token,let them do so.
Calling this centralized "coin" a cryptocurrency would be a big mistake.

I am not much excited at all about PayPal coin or whatever. You can expect only centralized coins from a centralized organization. We don't need more coins actually. We need Bitcoin adaption. More coins are just dust of cryptocurrency. There are good stable coins that exist in the markets. If PayPal uses Blockchain to deploy stable coins it will just make differ between on-chain and off-chain compared with current PayPal currency. It's like they allow to use of Bitcoin at the beginning but not on-chain. Means their thoughts are always centralized.

There's already a lot of token that added on the list of cryptocurrency, I mean yeah every company has their capacity, capability to create their own stable coin but yeah it only congested the existing token or coin that is present now. However, I think Paypal has set a great idea about it. But to be honest, cryptocurrency platform needs a wide adoption especially bitcoin. I know we are already a small step towards that goal but we the community of bitcoin or crypto are already eager to see this coming true.

I think that as the article says, they still have no idea of the dimension that this may not bring benefits, for example we are in 2022 and in the US they still haven't legalized bitcoin and in dozens of countries, so paypal creates its currency, but in 2023 the USA and many countries in the world legalize cryptocurrencies, at this moment no one will use paypal currency and paypal will have wasted time and resources with something that will become useless or little used, they are smart and have analysts and lawyers, I think they will analyze and see that it would not be viable in the long run to have their own currency

Can it be called a cryptocurrency in the first place? I would rather say its a stable coin instead and it doesnt have that quality or feature of being anonymous or decentralized so i dont really see any importance on such
existence.

It might really be that something good as an option for existing users but it wont really be getting much attention or support specially from people who are aware about cryptocurrencies.
They would just simply ignore since they do know on how heavily centralized this coin would be.

Lots of companies are considering Bitcoin or crypto now and only a few who had decided on launching their own coin.

it would be a great idea, their stable coin should be traded in crypto exchanges, and with that, everything will be easy to use their platform. I'm sure they know how to handle the legal aspects so they'll get approval and everything will run according to plan. Anything that adds users to the crypto space is a good development that's why this one is good for me.

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

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

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

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

But some exchanges are always willing for this.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

I wouldn't use it even if they decided to come out with this announcement.

There are simply too many regulatory red tapes that are associated with Paypal launching their own stablecoin - the fact that they are a huge financial institution makes them an easy target for financial regulators.

If you are going to be investing in stables, make sure you choose one that is relatively time proven (USDC, TUSD) or is decentralized (e.g. DAI, UST).

Although that Paypal is still centralized (especially their own stablecoin), I honestly believe that adopting it is still a positive move by them. For once, I think they are really against Bitcoin and crypto adoption, but it took an unexpecting turn last time when they are now introducing cryptocurrency deposits. We’ll just see the outcome of their own stablecoin though, as long it promotes cryptocurrency awareness.

Well its business at the end of the day. Maybe they are anti-crypto in the beginning, but if competition are upping the tempo by adopting it and they stay old school, then they will be left out in the closet.

But for sure they are very careful on adopting crypto, because I believed that they are not yet 100% sold on it. Maybe we will see some adjustments on their end in the next couple of years. It could be positive or negative though, or just to cater to their user based.

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

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

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

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

yes, breakthroughs must be made to continue to exist and make a profit. by following the trend of course they are on the right track, but this must also be considered carefully, because their new step may lead to backward development, but with a strong community and development according to plan, it is likely to be an attraction for investors

I see that you are extremely negative towards PayPal. I think these three people will agree with your position: https://www.bloomberg.com/news/articles/2022-01-13/paypal-sued-for-freezing-customer-accounts-without-explanation.

This article describes the story of a recent lawsuit by PayPal users whose accounts were frozen with the confiscation of almost $ 241,000 of funds by the site. At the same time, there is a very important nuance. Initially, PayPal did not tell these users exactly which clause of the agreement they violated. This means that the platform allows itself to be blocked without explanation.

My suggestion is to shut down the emotions and use platforms like Paypal if it's profitable. But you need to do this carefully and at your own risk, since any centralized organization, Paypal, can unilaterally break off all relations with you and block your funds.

We should not forget about such unpleasant cases and need to be prepared for them.

The fact that PayPal is so big could probably attract a significant number of users to use their coin, however it will never convince people like us which believe in one of the core principles of cryptocurrencies, which is decentralization, without that I do not see how a coin will be any different than the fiat currencies that we already have and that are causing so much issues around the world right now, besides I doubt governments will allow PayPal get away with something like this.

For those who are long term users of this service would definitely be using up this feature once it would be available on which these people would be dealing with Paypals own stablecoin.
Does it really give out any difference? I dont think so yet it would really be just the same if you do ask me but i wont be surprised if there would be some
huge support for this upcoming changes or creation that they would make but frankly speaking this isnt considered to be crypto
in the first place.

I've heard that Paypal will make a cryptocurrencies project, maybe they will continue to do studies and analyzes because Paypal's business is big and if you enter cryptocurrencies you are worried about getting rejection from many countries that still close cryptocurrencies.

Tether is the worst when it comes to the security but the coins coming from the financial companies like PayPal or any other in future are more worse and its no different from the fiat in the digital format.

I'm not sure it would ever really take off and it doesn't offer any benefit to Paypal. They are already the number one online payment processor and have a huge customer base, they can leverage all of that to sell people cryptocurrency within an internal marketplace. They're already doing it for Bitcoin, which acts like a testbed, and they can branch out to offer every single altcoin they choose in future. They already take a hefty chunk in commission from fees and this could just end up undermining their original business model in the long run. They're unlikely to get many people using such a coin outside of Paypal because it doesn't offer original benefits, so besides a gimmicky effect there is little reason to create it.

Yes, they have their internal marketplace, and I am not sure that anyone from here tried it at all! We had many discussions about what they are doing and nobody from here liked it! As you say, they have a huge customer base, so they can now try to create some coin that will make their service easier, cheaper and faster and for sure there will be users! I see this as a business move, and to be honest, they could make that move a long time ago, they are a bit late, and as we can see they are doing some things in their own way... they are big, they can do that! Anyway, I don't like PayPal and I am not using it! I advise people to use and support some real decentralized crypto project, not PayPal!

In any case, with the advent of a stablecoin from PayPal, it will not be worse for cryptocurrency. But not every stablecoin is likely to be able to be traded on cryptocurrency exchanges and used with cryptocurrencies. Blockchain technology is not always used for stable coins. So, the Chinese digitized yuan, they say, is not built on blockchain technology and I don’t know yet how this stablecoin will work with cryptocurrency and cryptocurrency exchanges. First we need to see how these centralized stablecoins, including state-owned ones, will work in practice.

Insofar as trust, at least Paypal does provide some assurance on the quality and the realistic compliance and honest backing of the currency. In general, I do not see the use of stablecoins as anything interesting for most cryptousers, unless we speak about taxes and the like. I do get that Paypal may be interested in issuing its own coin, but I doubt that regulations will really allow it. There is a good reason why the individual banks in US cannot issue their own currency... should we go back to that?

Please don't invest in it if they do launch one.

It would essentially be a tokenised version of Paypal funds itself, which is still going to be prone to the fees and restrictions that come with a Paypal account.

I wouldn't be surprised if Paypal decided to take a centralized approach to this token and facilitated chargebacks/token burns as they wished.

They would never ever be going with decentralized approach on this one considering on how centralized they are as a service then you would expect that their stable coin of theirs would be on the same thing.
I dont see any actual relevance of its existence but rather they are extending out revenue possibilities and since this is business then it wouldnt really be surprise that they would really be jumping on the
bandwagon on whats the current trend but luckily we arent that dumb on not to fall out with those kind of pretending that its a crypto which is still a totally opposite thing to consider.
We arent that dumb for not to see those things.

Unfortunately I think that if one of those big companies like PayPal develop their own cryptocurrency I think that a lot of people will use it, even if there is a core group of users which will see through the intentions of PayPal, the majority of the newbies are not like that, they will be impressed by the name PayPal and immediately assume their coin is good for them, when we  know that a centralized cryptocurrency can be even worse than fiat currencies, which is why cryptocurrencies need to be decentralized so centralized institutions cannot abuse their power and become even more tyrannical than what they are right now.

Even they launch their coin, I will never going to invest in it since the policy, terms, and conditions of PayPal are too strict. You have to wait long for just a few bucks and show some documents to verify the payment.
Not only this, I've many friends who have already lost their money in PayPal, and I don't think they are going to lose their coins now.

All I see here is a company trying to explore and diversify their business; then coming to questions these are what I think:

First, with mass adoption of crypto I don't think that the traditional banking system will die away because in one way or the other we will still need fiat.

Secondly, I think it going to be another win for crypto currency, a lot of  PayPal user will get to know about crypto to and so will certainly get interested. And lastly, I also share in your opinion that it is highly possible that this not going to be decentralized.

It would be, they are going to make sure that everything goes according to the 'regulators' which is kinda sucks but thats paypal for you and they cant go against these 'regulators'. It could even be just the same as regular fiat just in the form of 'stablecoin' of their own version, there isnt that much information regarding this yet


Imo, this would be lit. Imagine if paypal start offering this and then some other top company try to build this as well. It would push crypto adoption further somehow

This may possibly happen in the very near future. They already started integrating some top alts.
And now, creating their own stablecoin. So no surprise if they will create their own crypto exchange or p2p crypto exchange.
If they will see the market demand on this kind of service, high likely that they will explore this business.
Their advantage is that they already have millions of users. So attracting users to use their services won't be a hurdle to them.
But for crypto users in this forum, most of them will not patronize crypto from paypal, because a lot are worried about their privacy.

Wouldn't you liked it? They are strict so it means that there are less frauds and more confidence. At the end of the day, what they are offering here is different from their previous product. It's a stable coin that can be transferred to our own wallet so no need to register on their platform.

Last time paypal announce that they support buying and selling bitcoin within their platform and they make that happen so I believe that this one is also going to happen and for facebook, is it confirmed that they fail? Maybe they just postponed the project for a while due to some reasons because I can still access their block explorer here > https://indiem.info/explorer.

Your point of view is interesting and worth paying attention to. If people have to use PayPal one way or another, then why not do it in the most profitable and convenient way?  PP should not be discounted as it may be a good tool for some users. There is no good or bad tool, and maybe not the ability to use it.

Can continue to spit on the announcement of the PP, but you can see the opportunities in this (if there are any for you) and take advantage of them. This is a decision and choice for each individual.

I am in no way campaigning or supporting the PP, but just trying to look at the situation from different angles, thanks to the comments of users in this topic.

That unexpecting movement has nothing related to crypto adoption for real. PayPal users can buy bitcoin through the system but can't transfer it outside of that system. The whole process is scriptural and no transactions will be recorded in the blockchain.
The step was made upon the whole world moves toward bitcoin and other currencies. So for not to blame itself for missing the wave, they added the bitcoin option to the system with a promise that withdrawal will be available sooner but i don't think to happen at expected dates.
Using a stable coin, either it's her own or another already existing one, looks realistic for a centralized company .