Paypal launches an Ethereum-based Stablecoin!

[GateioExchange]

Paypal launches an Ethereum-based Stablecoin!  Here's the low-down:

Pros:
1) Adoption potential for crypto among "normies"
2) Interact with Ethereum DeFi
3) Can be used at Paypal checkout window of websites

Cons:
1) Very centralized
2) Similar to a CBDC

Get the inside scoop:
https://www.youtube.com/watch?v=kxrnQfGUNc4

[siedemtrzy]

Still don't know how to feel about that. We already have a lot of stablecoin, and everyone who uses it already picked one. Those who don't use it won't need it. On the other hand, it might bring new people, but I'm not sure if centralized stablecoin is the right way to do that.

[koang]

Obviously, It doesn’t make sense to stack money, but it might make sense for payments.
But I would not use this. Accidents do happen, and they will not reimburse for their fault.
PayPal can calmly freeze and take away money at any time, I don’t trust them with my crypto.

Not your key, not your Money.

[fmz89]

Paypal launches an Ethereum-based Stablecoin!  Here's the low-down:

Pros:
1) Adoption potential for crypto among "normies"
2) Interact with Ethereum DeFi
3) Can be used at Paypal checkout window of websites

Cons:
1) Very centralized
2) Similar to a CBDC

Get the inside scoop:
https://www.youtube.com/watch?v=kxrnQfGUNc4

people waiting for libra and get paypal instead  sad lol, but nice adoption beyond crypto, next bullrun
pumper need new flow from several new way like this and some cryptowomen. to fueling the chart 

[yazher]

Still don't know how to feel about that. We already have a lot of stablecoin, and everyone who uses it already picked one. Those who don't use it won't need it. On the other hand, it might bring new people, but I'm not sure if centralized stablecoin is the right way to do that.

At least we have more stablecoins that are somehow trusted than the others. I believe in a time when the crypto market is congested, most investors will badly need it. They won't gonna need to research anymore because they know that Paypal is something that they can temporarily trust with their cryptocurrencies just until when the crypto market is back to normal, and when that happens, they can quickly convert it to their desired crypto and move it to their personal hard wallet if they want.

[passwordnow]

Get to see more of them coming from these payment processors. But in fairness to PayPal, they don't land quickly in building a stable coin without having the adoption first by accepting Bitcoin, Ethereum and other cryptos on their platform.
So, it's like all set that this is together with those adoption but before, they don't allow to withdraw crypto. And everything has started to change when they've been open with the withdrawals and now with this, they've got userbase and for sure that this is going to be used by many of their users.

[eaLiTy]

~
Cons:
1) Very centralized
2) Similar to a CBDC

Every popular stablecoin in the market are centralized and you cannot trust even some of the most popular stabecoins as there is not much transparency and they are minting out coins left and right. With Paypal there will be a wider acceptance to their stable currency and with regulators trying to find ways to regulate the market, it is a welcome move as it might help in the long run.

[mk4]

Still don't know how to feel about that. We already have a lot of stablecoin, and everyone who uses it already picked one. Those who don't use it won't need it. On the other hand, it might bring new people, but I'm not sure if centralized stablecoin is the right way to do that.

How is it bad? The more stablecoins we have, the more the competition is. And the more the competition is, the more these companies are incentivized to actually not fuck up the users of their stablecoin and to do good to be able to get more market share.

[Husires]

It is good news for Ethereum as it means more free growth and adoption as some will use this currency as an alternative to USDT which is bad news for USDT because now there is a strong competitor and has a good list of assets and thus bad news for TRON.

If it can be used to make payments anywhere that accepts PayPal, then here it will be the real game changer, although I do not expect that.

Cons:
1) Very centralized
2) Similar to a CBDC

Excessive centralization is a feature of this type of cryptocurrency, so it will not affect it, on the contrary, you will get better confidence than USDT.

[abel1337]

I can imagine so many cons about paypal knowing their platform is very very centralized but I can't deny how can the pros will help the whole crypto along with the potential of new crypto users because of the paypal influence. It's ethereum base so should we expect a high gas fee on every transaction. It will be bad if potential customer suffer from high gas fee as I can see this as a niche platform  for transaction payments.

[nur1labs]

they still using centralize even after release. i not make sure if this safe. cause old people better using cold wallet that wallet like this. the hot wallet is possible got attack, got robbed by owner, or controlled.

[el kaka22]

This is definitely going to be fine for the buyer, but still not great enough for the seller. I do not think that you are still allowed to exchange it for any other stablecoin at paypal, and that's why it's tough. Paypal is way too centralized and their biggest enemy is crypto, we could send each other money from anywhere around the world and that's why we need to make sure that we can do something that will benefit everyone.

Paypal will not do that, they will do whatever works for them the best. It's better to avoid it at all costs if you could, it will not end well and you should avoid it if you could. That's how things are approached and you should be approaching it the same way without a doubt for sure.

[koang]

This is definitely going to be fine for the buyer, but still not great enough for the seller. I do not think that you are still allowed to exchange it for any other stablecoin at paypal, and that's why it's tough. Paypal is way too centralized and their biggest enemy is crypto, we could send each other money from anywhere around the world and that's why we need to make sure that we can do something that will benefit everyone.

Paypal will not do that, they will do whatever works for them the best. It's better to avoid it at all costs if you could, it will not end well and you should avoid it if you could. That's how things are approached and you should be approaching it the same way without a doubt for sure.

PayPal wasn't ready for blockchain transparency.
Centralized company stablecoin has centralized features on the most centralized smart chain, a perfect match.
The same institutions that are condemning and trying to stop the development of the crypto industry for years, unsuccessfully.

Good luck to anyone using this

[coin-investor]

I don't use Paypal anymore and I don't trust anything coming from Paypal so it's not a piece of welcoming news to me but it may add excitement to those who want to see additional good news in the market, just like what happened when Paypal added Cryptocurrency to their features.
There is news that the stablecoin can be locked and frozen it's possible because they are centralized and they always want to have control of their products and services.
This new stablecoin will benefit their long-time clients mostly sellers and buyers in centralized markets.

[o48o]

Paypal launches an Ethereum-based Stablecoin!  Here's the low-down:

Pros:
1) Adoption potential for crypto among "normies"
2) Interact with Ethereum DeFi
3) Can be used at Paypal checkout window of websites

I am not sure how permissionless this will actually be, so that they can keep it regulatory compliant in eu. I think they must have same issues that why they haven't released BTC payments in eu yet (at least not in all eu countries).

Cons:
1) Very centralized
2) Similar to a CBDC

Not similar to CBDC. This is a pegged to fiat money, while CBDC doesn't need to be pegged to anything but to itself, as it IS fiat money. You won't need to convert to money, it will be money, usable in everywhere.

[nelson4lov]

I don't use Paypal anymore and I don't trust anything coming from Paypal so it's not a piece of welcoming news to me but it may add excitement to those who want to see additional good news in the market, just like what happened when Paypal added Cryptocurrency to their features.
There is news that the stablecoin can be locked and frozen it's possible because they are centralized and they always want to have control of their products and services.
This new stablecoin will benefit their long-time clients mostly sellers and buyers in centralized markets.

I'm not sure how their long-term clients will benefit from an already existing market that PayPal was late to join the club for. Why use PayPal or its centralized stablecoins when you can just use crypto and skip all the paperwork and bottlenecks that comes with it?  Also, the token smart contract for the Paypal USD is written with an older version of solidity and doesn't seem to be written efficiency to reduce the gas overhead cost for users to use their stablecoin protocol.

[JeffBrad12]

if this is legit then I guess i'd say its good, adding to the competition of stablecoin as well as giving option.
considering the fact that paypal itself is a really big financial technology company basically have been standing for so long, i'd say maybe their stablecoin just gonna be as great as the others.
though honestly, the current existing stablecoin right now are already sufficient enough for the market, it just needs more transparency in regards to the reserved funds and its perfect.
though i always welcome it if there's some other stablecoin gonna try out the competition.

[Wexnident]

So does this coin of theirs also allow refunds? I used to use paypal but it was so bad as a payment method for me specifically since refunds with no rhyme or reason could suddenly be approved (since most of my commissions are art/video based). It was the single most frustrating issue I've had before with paypal and that's why I used it, not sure if they fixed it though. And if they ever implement such a system since as OP said, it's centralized a f, I don't think there's any sense in even using it then.

[Kavelj22]

This is rather good news, although it has nothing to do with cryptocurrency, except that it is the adoption of the Ethereum network to launch the currency, and Ethereum uses blockchain technology. While the currency has the characteristics of cbdc or what can be called a "digital dollar".

Literally this sentence could not be true: "Paypal is launching its own currency." Because it is a stable coin that is mainly pegged to the dollar. The currency is called PyUsd, and PayPal has commissioned Paxos to launch this currency, and this is certainly to ensure the greatest degree of transparency and compatibility with US laws. This is not yet clear if all Paypal users will enjoy the service, or if it will be limited to citizens in the United States. Also, there are no clear details yet as to whether this currency can be used outside the Paypal system, that is, if it is in circulation.

Some detailed news announcement as reported by CNBC.

[JunkieMiner]

If we think that centralized coins would help inside the PayPal, I didn't understood the concept fully by the post, and the stablecoin, which launches PayPal is also in the etherium chain? That could be helpful in future if if really works.