Paypal launches an Ethereum-based Stablecoin!

[jaberwock]

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.

What upcoming role? I think nothing have changed. The role of crypto is still a payment method. Also Paypal themselves are not new on this either. They even adopted Bitcoin last time but I think that was only on selected countries. It is seems they can't get enough and they want to add more. Well that's alright and it's a good help for their customers to get introduced in these cryptocurrencies.

If there are people who are happy and satisfied on using Paypal, there are also people who experience the opposite thing and even these people are also into crypto, I don't think they will touch the cryptos created by Paypal. They already learned their lesson.

[iv4n]

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

I saw some programmers posting some codes about PayPal coin, suggesting that transactions can be reversed. I will avoid "PayPal anything" in a wide circle, they are not reliable, simply as that. And we have better alternatives.

PayPal could have entered crypto many years ago, in a much better way... maybe because of laws and regulations they couldn't, but whatever it is it's too late for them now I think.

[TastyChillySauce00]

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

What's different with the stable tokens that already exist now? Paypal stable token issued on ethereum blockchain same as another stable token in the market but people were calling non paypal stable token as decentralized stable token while paypal was decentralized.
It's the weirdest thing that i have ever seen. Everything about stable tokens are remain centralized. There was no true decentralized stable token at this moment.

USDT and another stable tokens can also do the same thing like what paypal did. Stable tokens will remain as centralized product by entities.

[cantraun18h]

I really don't understand the significance of PayPal launching a stablecoin. They seem to be making their payment system more complicated than it already is.

[justdimin]

What upcoming role? I think nothing have changed. The role of crypto is still a payment method. Also Paypal themselves are not new on this either. They even adopted Bitcoin last time but I think that was only on selected countries. It is seems they can't get enough and they want to add more. Well that's alright and it's a good help for their customers to get introduced in these cryptocurrencies.

If there are people who are happy and satisfied on using Paypal, there are also people who experience the opposite thing and even these people are also into crypto, I don't think they will touch the cryptos created by Paypal. They already learned their lesson.

I would guess that because Paypal has always been a payment company, they are trying to make sure that they are using crypto as a payment too. One thing I really would love to see is them making sure that you can deposit and withdraw this currency as well. I am not sure if you can do that just yet, but if you can do that, then people who can't use Paypal would be able to start using it, this way we would all be able to accept Paypal payments easily.

I hate the chargebacks and all the financial troubles you go into, I may end up selling a product, and the person can easily do a chargeback, and that means I would not have the product AND the money and I would also owe the transaction fee as well, that's what needs to be stopped.

[o48o]

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

So, just like usdt then? They can freeze usdt too. I am not sure why people single out paypal's stablecoin as centralized.

One would think people would be thrilled that they can move money from binance to paypal and back without using any normal bank accounts.

Ok it doesn't fit to decentralized ideology of cryptos, but neither does usdt. Yet we wouldn't be so high without it.

[wheelz1200]

Unnecessary and PayPal just trying to catchup in today's world.  They know they are the blockbuster of payments and their time will be over soon if they don't adapt.  I don't trust this nor wouldn't use it we already have solutions.  Wasn't too long ago they were closing accounts of people who used PayPal for crypto stuff.  Full circle.

[Blitzboy]

What upcoming role? I think nothing have changed. The role of crypto is still a payment method. Also Paypal themselves are not new on this either. They even adopted Bitcoin last time but I think that was only on selected countries. It is seems they can't get enough and they want to add more. Well that's alright and it's a good help for their customers to get introduced in these cryptocurrencies.

If there are people who are happy and satisfied on using Paypal, there are also people who experience the opposite thing and even these people are also into crypto, I don't think they will touch the cryptos created by Paypal. They already learned their lesson.

I would guess that because Paypal has always been a payment company, they are trying to make sure that they are using crypto as a payment too. One thing I really would love to see is them making sure that you can deposit and withdraw this currency as well. I am not sure if you can do that just yet, but if you can do that, then people who can't use Paypal would be able to start using it, this way we would all be able to accept Paypal payments easily.

I hate the chargebacks and all the financial troubles you go into, I may end up selling a product, and the person can easily do a chargeback, and that means I would not have the product AND the money and I would also owe the transaction fee as well, that's what needs to be stopped.
[/quote
Your suggestion about chargebacks is great; they are a nuisance, and your complaint is actually justified. Although Paypal's entry into the cryptocurrency space appears to be a development of their business, its possible that they are merely trying to ride the wave without fully committing. The true utility, according to one argument, would be in depositing and withdrawing cryptocurrency rather than just keeping it in a flashy digital wallet.

Its interesting how you bring up allowing those who cant use PayPal. Although I've always believed that, in the larger scheme of things, Paypal can occasionally be a bit rubbish, it would be a wise move. Chargebacks are a major problem, as you pointed out. Consider yourself without your merchandise, short on cash, and subject to a transaction fee. There you have a triple whammy. On the other hand, given that blockchain is irreversible, adopting technology into their services might solve these problems. Will they, though? Time will only tell. Consider the question, "To Paypal or not to Paypal?" while we wait.