Is PayPal plannning to Launch of Own Stablecoin?

[molsewid]

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.

[Slow death]

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

[carlfebz2]

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.

[Maslate]

Few Paypal users over the years.

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.

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.

[The Sceptical Chymist]

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).

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%.

[sunsilk]

Few Paypal users over the years.

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.

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.

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.

[perfect999]

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.

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.

[Jawhead999]

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.

[RealMalatesta]

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.

[TheNineClub]

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.

[Mahanton]

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.

[CaptainCrapper]

Possible logo option PayPal Coin.

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?

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.

[DU18]

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

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.

[Cling18]

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.

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.

[Emitdama]

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.

[fiulpro]

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.

[Silberman]

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.

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.

[el kaka22]

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.

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.

[Lanatsa]

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.

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.

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.

[timerland]

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).