Paypal launches an Ethereum-based Stablecoin!

[Jating]

Yes, still good news, at least Paypal doesn't want to be left out in this competition and maybe this is their first step, to have a Ethereum based stablecoin. And I think one of those who are going to benefit from it is obviously those Paypal users.

I haven't check their stocks though, if it did bring some good news and pump the price. But in any case we have to wait what will happen here. Perhaps this is just a experiment on their end and see how adoption is in the next couple of months to say that this is a success or not.

[fzkto]

Yes, still good news, at least Paypal doesn't want to be left out in this competition and maybe this is their first step, to have a Ethereum based stablecoin. And I think one of those who are going to benefit from it is obviously those Paypal users.

I haven't check their stocks though, if it did bring some good news and pump the price. But in any case we have to wait what will happen here. Perhaps this is just a experiment on their end and see how adoption is in the next couple of months to say that this is a success or not.

I think it's more hype than good news. I don't know if many people will use their service if there are many other stable coins. I think it is much more convenient for people to use other services for this purpose. I remember when the news that Pay Pal added bitcoin had a good impact on the market. But then this news somehow went quiet. Maybe it will be the same now.

[legendbtc]

This does not benefit us or the crypto industry in any way, what Paypal is doing is just for the profit they are aiming for. As far as I know, companies that have issued stablecoins are making significant profits and that's what Paypal is looking for, nothing more and nothing less. But what makes me funny is, no one told them that using the ETH network will have very high transaction fees and I think many people will not use their stable coin with the expensive transaction fees that the ETH network causes.

[www.Gambler.Casino]

I trust USDT, I consider everything else unnecessary

[South Park]

This does not benefit us or the crypto industry in any way, what Paypal is doing is just for the profit they are aiming for. As far as I know, companies that have issued stablecoins are making significant profits and that's what Paypal is looking for, nothing more and nothing less. But what makes me funny is, no one told them that using the ETH network will have very high transaction fees and I think many people will not use their stable coin with the expensive transaction fees that the ETH network causes.

PayPal just took the laziest approach they could have taken when developing their own stable coin, I mean they could have created their own blockchain and let their coin run above it, but they refused to do so and we need to question ourselves why that was the case? And I think this is because they know that if they did this then even less people will use their coin and if there was hack they will be held responsible for it, so they just decided to take the easy way out and release their coin over the ETH network.

[JeffBrad12]

This does not benefit us or the crypto industry in any way, what Paypal is doing is just for the profit they are aiming for. As far as I know, companies that have issued stablecoins are making significant profits and that's what Paypal is looking for, nothing more and nothing less. But what makes me funny is, no one told them that using the ETH network will have very high transaction fees and I think many people will not use their stable coin with the expensive transaction fees that the ETH network causes.

i don't really think issuing stablecoin means massive profits at best its just really small profits that they get but the fact that they got the capital, so it might increase the profit significantly.
the fact that they deployed their token in ethereum doesn't necessarily means it will stay in ethereum forever either, they are just trying to get into the most popular blockchain. then after that they could easily just deploy the token in the other blockchain.
its the same with the other stablecoin out there, they always starts out from ethereum then the other blockchain. they are trying to build the system first.

[nur1labs]

This does not benefit us or the crypto industry in any way, what Paypal is doing is just for the profit they are aiming for. As far as I know, companies that have issued stablecoins are making significant profits and that's what Paypal is looking for, nothing more and nothing less. But what makes me funny is, no one told them that using the ETH network will have very high transaction fees and I think many people will not use their stable coin with the expensive transaction fees that the ETH network causes.

PayPal just took the laziest approach they could have taken when developing their own stable coin, I mean they could have created their own blockchain and let their coin run above it, but they refused to do so and we need to question ourselves why that was the case? And I think this is because they know that if they did this then even less people will use their coin and if there was hack they will be held responsible for it, so they just decided to take the easy way out and release their coin over the ETH network.

they will grab our money pocket soon as possible. this bad news maybe cause people maybe think crypto bad casue paypal releases. I hate to say.....say no to paypal. i better using cold wallet than put there and make them trick us.

[gurunanakji777]

PayPal is well aware of the upcoming role of cryptocurrency in the future. This understanding has prompted them to shift their perspective. Given PayPal's strong reputation and credibility in the market, its stablecoin is likely to gain a prominent position due to the trust associated with the PayPal brand. While people might not place the same level of trust in other stablecoins, PayPal's established reputation sets it apart. It's reassuring to see that PayPal has introduced its own stablecoin based on the Ethereum platform.

[o48o]

I trust USDT, I consider everything else unnecessary

Well that's pretty strange argument. While i trust USDT most of them all, i feel that giving a monopoly to one centralized stablecoin is a dangerous road to take. There should be competition so that people would have options and to reduce any blowback of potential depegging of USDT.

Consequences of that potential serious failure of USDT would already be devastating, but imagine USDT being the only one. It would be a killing blow for the markets and it would get years to get back where it's now. Not to mention how many people would lose everything. I mean they could potentially get some of it back later via lawsuits, but that wouldn't be a fix.

[South Park]

I trust USDT, I consider everything else unnecessary

There is a reason why monopolies are a bad idea, once a company has complete control of a market they can do whatever they want and get away with behaviors and policies that were impossible for them before, and in the case a new competitor emerged they could crush it early on by lowering their price to ridiculous levels, and accept losses for years just to bankrupt their competitors and regain complete control of the market, so even if you trust USDT, having more options for those that like stable coins is not a bad idea.

[poodle63]

gonna be even more good if they could deploy their stablecoin in various blockchain since many other have done exactly that, at least we have one more option now to diversify our wealth and assets.
if something like the fall of tusd happening again, then we can be assured that only fraction of our wealth gonna be affected since each stablecoin have their own reserved and probably be audited by professionals nowadays.
but i wonder if paypal gonna truly disclose their reserve for their upcoming stablecoin, after all thats what exactly the others are doing right now.

I trust USDT, I consider everything else unnecessary

its not gonna hurt to have the other option though, meaning it makes less sense for some stablecoin providers out there to just print their stablecoin at their will because if it causes implication people would easily just moving on from these token.

[nur1labs]

i still not agree that company like paypal hold blockchain models. they will manipulate the market. possible the small market will impact. this unexpectable moves. i hope they fail like facebook projects.  i not like manipulator company.

[Hispo]

One of the only advantages I see in this stable coin being launched is the possibility of transferring one's money from an exchange to Paypal in order to buy good and services which accept Paypal but do not accept crypto.

Though, we all could argue that his measure by Paypal could de-accelerate Bitcoin/crypto adoption rather than making it more widespread among the regular internet user.  Let us see if Binance or Coinbase decides to support this coin or not, otherwise there won't be anything to offer to the average exchange user.

If the SEC has a minimum of fairness, then I would expect them to sue Paxos again because of the launch of Paypals Stablecoin, pretty as they did with BUSD.  

[fzkto]

i still not agree that company like paypal hold blockchain models. they will manipulate the market. possible the small market will impact. this unexpectable moves. i hope they fail like facebook projects.  i not like manipulator company.

I think that this project will not be very popular. Once PayPal added cryptocurrencies to their service, but I haven't heard that it was popular. Probably it will be the same with stablecoin. It is much easier to use usdt.

[Xal0lex]

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

PayPal is in its third year of trying to integrate into the crypto business by creating various toxic products and services. First they tried to convince everyone that it's okay to store their cryptocurrency on custodial wallets, and now they offer a completely centralized stablecoin, which has a blacklist worse than Tether. It's a shame that this is what Adoption looks like, by forgetting all the basic principles of cryptocurrency.

[gabbie2010]

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

It's a welcome development for freelancers and people who buy who are usually paid with PayPal after offering some services but has some issues in the process of exchanging it to fiat but with the introduction PayPal stable coin which is invariably a crypto coin which would definitely be adopted by many exchange giving ample opportunities for the hodlers to exchange their coin to Ethereum or other cryptos, though being a centralized stable coin makes it untrustworthy but to be on a safer side it's better to exchange it to a reliable and trusted crypto such as Ethereum, Moreso many online sales outlets would also adopt PayPal stable coin as their payment gateway thus enabling or attract more crypto enthusiast to patronize their goods and services.

[goaldigger]

i still not agree that company like paypal hold blockchain models. they will manipulate the market. possible the small market will impact. this unexpectable moves. i hope they fail like facebook projects.  i not like manipulator company.

Big investors are here for a reason and we cannot stop them from doing this as they all have the resources to buy and create a project under cryptomarket.
We need fresh money from investors and if you didn't like this, then better not to support their projects. They will only fail if there's a government intervention but if they will get the approval for sure they will succeed on this. Having a stablecoin for a specific purpose is fine, but I also don't like stablecoin because they are not stable at all, let's just see if Paypal will succeed on this and utilize more of this.

[JeffBrad12]

i still not agree that company like paypal hold blockchain models. they will manipulate the market. possible the small market will impact. this unexpectable moves. i hope they fail like facebook projects.  i not like manipulator company.

I doubt they will have the capability to manipulate the market, we are talking about near trillion market capitalization here. manipulating with a mere one stablecoin will definitely prove to be hard
since what they need to manipulate the entire market is definitely money and huge chunk of it.
if they truly able to manipulate the entire market people will also know, thats why i don't think they will really manipulate the market, at best they are just trying to get into the market and make profit off the stablecoin and thats it.
you truly overestimate paypal in this case.

[kamvreto]

i still not agree that company like paypal hold blockchain models. they will manipulate the market. possible the small market will impact. this unexpectable moves. i hope they fail like facebook projects.  i not like manipulator company.

I doubt they will have the capability to manipulate the market, we are talking about near trillion market capitalization here. manipulating with a mere one stablecoin will definitely prove to be hard
since what they need to manipulate the entire market is definitely money and huge chunk of it.
if they truly able to manipulate the entire market people will also know, thats why i don't think they will really manipulate the market, at best they are just trying to get into the market and make profit off the stablecoin and thats it.
you truly overestimate paypal in this case.

This will be a fun initial FOMO for sure When PayPal has their own stablecoin. Whether it's manipulation or not, it's difficult to fully manipulate the market, The crypto ecosystem has a wide scope and Paypal only uses a part of it. As a newcomer to the world of stablecoins, PYUSD will be faced with important questions about how it will impact the digital financial ecosystem and how it can stand out from the competition with other stablecoins. One of the main advantages offered by PYUSD is a more seamless integration with fiat currencies and the digital world.
We'll see what effect PYUSD has when it starts to enter the crypto market, this will be a good FOMO moment of course. Just take advantage while it can be profitable.

[devil-soul]

A stable coin issued by paypal therefore completely centralized, therefore paypal can freeze and disable the various accounts, it does not inspire confidence at all, the saying always applies not your keys not your money however it does not seem to have much success around 90 % of supply is still available