Is PayPal plannning to Launch of Own Stablecoin?

[cheezcarls]

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.

[Baofeng]

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.

[Lanatsa]

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.

[Anonylz]

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

[andriarto]

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.

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

[m2017]

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).

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 !

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.

[Silberman]

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).

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.

[milewilda]

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).

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.

[Kodok Bencot]

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.

[Findingnemo]

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.

[Fortify]

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'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.

[iv4n]

...

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!

[Ozero]

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.

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.

[paxmao]

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?

[magneto]

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.

[Mahanton]

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.

[Silberman]

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.

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.

[worldofcoins]

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.

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.

[savetheFORUM]

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

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.

[arallmuus]

Something tells me that this will be a terribly regulated stablecoin that will be blocked even worse than USDT. PayPal is notorious for blocking transactions they don't like, and given this fact, even more so:

“We are exploring a stablecoin; if and when we seek to move forward, we will of course, work closely with relevant regulators,”

I won’t be surprised if this stablecoin can only be bought on their platform, having previously passed KYC.

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

I wonder what's next? Crypto exchange from Paypal, DEX, P2P exchange, DeFi protocol?

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