PayPal debuts PYUSD, a Paxos-issued stablecoin and fully backed by USD deposits, short-term Treasuries, and cash equivalents, rolling out to US users gradually
Press Releases — McHenry Statement on PayPal Announcing Launch of Payment Stablecoin Shaurya Malwa / CoinDesk : PayPal to Issue Dollar-Pegged Crypto Stablecoin Based on Ethereum Tim Copeland / The Block : PayPal launches stablecoin on Ethereum, citing ‘shift toward digital currencies’ Payments Dive : PayPal launches stablecoin Digital Wallets, Money Management, and More : PayPal stablecoin — Designed for payments. — 1 USD : 1 PYUSD on PayPal Helene Braun / CoinDesk : Paxos Has Other ‘White Label’ Stablecoin Opportunities in the Works in Addition to PayPal USD Aisha Malik / TechCrunch : PayPal launches PYUSD stablecoin for payments and transfers Reuters : PayPal launches stablecoin in crypto push PR Newswire : PayPal Launches U.S. Dollar Stablecoin Adrian Zmudzinski / crypto.news : PayPal's stablecoin has wallet freezing and wiping functions Damilola Lawrence / Cryptopolitan : Is PayPal's PYUSD the future of crypto or a threat to decentralization? Vinicius Barbosa / Finbold : PayPal's stablecoin can wipe your balance in two transactions Samyuktha Sriram / Unchained Crypto : PayPal Launches PYUSD Stablecoin Built on Ethereum Christian Encila / Bitcoinist.com : PayPal USD Debut: Why Its New Stablecoin Is Triggering Apprehension Scott Matherson / NewsBTC : PayPal's PYUSD Launch Triggers Calls For Stablecoin Bill Sergio Goschenko / Bitcoin News : US Representative Patrick McHenry: Stablecoins ‘Hold Promise as a Pillar of Our 21st-Century Payments System’ Mayowa Adebajo / Coinspeaker : Stablecoin Bill Gains Momentum Following PayPal's PYUSD Launch Mark Timmis / Coinmonks : Curious Cryptos' Commentary 8th August 2023 — PYUSD (PayPal stablecoin) Emily Tonelli / Crypto Briefing : PYUSD Post-Launch: Exploring Mixed Reactions, Technology and Future Arti / Analytics Insight : PayPal Launches Game-Changing Stablecoin; Stock Jumps 2% Mariella Moon / Engadget : PayPal introduces its own stablecoin that's pegged to the US dollar 24/7 Wall St. : PayPal to Launch Stablecoin Backed by US Dollar Deposits and T-Bills Brayden Lindrea / Cointelegraph : PayPal USD: Boon for Ethereum but not decentralization, says community Jesse Austin Campbell / Confronting the Future : PYUSD — Stablecoins are coming — This is something that I have been saying for a while. André Beganski / Decrypt : PayPal PYUSD Stablecoin Could Breed Competition and Force Regulators to Act Nica Osorio / International Business Times : US Representative Emphasizes Potential Of Stablecoins As PayPal Launches PYUSD The Daily Hodl : PayPal Unveils New Dollar-Backed Stablecoin PYUSD Built on Top of Ethereum Network Mack DeGeurin / Gizmodo : PayPal Dives Into Crypto Madness With Dollar-Pegged Stablecoin Andrew Rossow / nft now : PayPal Debuts ERC-20 Stablecoin, Linked to US Dollar Brenda Ngari / ZyCrypto : Paypal Becomes First Major Company To Issue Dollar-Pegged Stablecoin In Crypto Push The Verge : PayPal launches PYUSD stablecoin backed by the US dollar Ben Weiss / Fortune : PayPal launches stablecoin after pausing development amid regulatory scrutiny Mastodon: Jesse Baer / @misc@mastodon.social : @Techmeme why are they still doing this X: Pashov / @pashovkrum : The new Paypal USD stablecoin has an “assetProtection” role which can wipe your balance in two transactions (first ‘freeze’, then 'wipeFrozenAddress') In smart contract security we call this a “centralisation attack vector” [image] @divine_economy : paypal launching a stablecoin on mainnet eth—rather than literally dozens of rollups that cost 2 cents they could have used instead—is honestly a brilliant way to ensure their own exorbitant fees look like an inconsequential speck next to the gas Ryan Sξan Adams / @ryansadams : PayPal doing a stablecoin as a token on Ethereum. PayPal has 430 million active accounts. Sleep on this if you want. Ethereum is becoming the money layer of the internet. @justinsuntron : I cordially invite PayPal to consider issuing PYUSD on #TRON, which is Fast, secure, and cost-effective with 12 billion USD daily transactions. Mutual benefits await in the digital payment landscape. Let's collaborate for a thriving ecosystem! 🙏 @koeppelmann : Why didn't PayPal launch their stable coin on a specific L2 with cheaper fees? Well, by launching it on Ethereum they essentially launch it on ALL L2s! Dan Held / @danheld : PayPal creating a stablecoin is a big deal. Larger institutions are coming in and legitimizing the space 👏 @warobusiness : The problem isnt even that the contract can freeze/unfreeze your assets cuz usdt/usdc can do the same The problem that paypal has trigger happy fingers and are quick to do so. Usdc were feds. Paypal is NSA Ryan Sξan Adams / @ryansadams : This is the Ethereum contract address for PayPal's stablecoin. I can't believe i get to tweet that. We've come so far. [image] Mike Selig / @mikeseligesq : Banking regulators have essentially said banks can only issue stablecoins on private blockchains. PayPal will issue its stablecoin on Ethereum. This regulatory arbitrage has to put pressure on Congress to pass a stablecoin bill ASAP. Laurence / @functi0nzer0 : I think it's fine that PayPal (a private corporation) has burn and freeze functionality in its contract I also think it's fine that it's written in an ancient version of Solidity (or rather, is a fork of Paxos) We don't have to use it, that's the joy of a permissionless network [image] @nic__carter : PYUSD reactions thread first up - @CampbellJAustin on why stablecoins matter, and likely effects of PYUSD https://jaustincampbell.substack.com/ p/pyusd Ki Young Ju / @ki_young_ju : PayPal introduced stablecoin issued by PAXOS. $26M $PYUSD issued so far. $3M ETH are sitting in their hot wallet to manage custodial wallets. It's small for now, but high potential if well-regulated. @mud2monarch : This chart is the ONLY reason stablecoins are remotely innovative. Anyone who doesn't grok this (e.g., PYPL/a central bank) will fail to launch a successful dollar-on-a-blockchain. Does PYPL understand this? With an embedded 1.75% swap fee and a 4% merchant fee, probably not. [image] Miles Deutscher / @milesdeutscher : Feb 10: PayPal pauses stablecoin work amid crypto regulatory scrutiny Feb 13: Paxos ordered to stop minting Binance stablecoin amidst SEC charges August 7: PayPal launches a stablecoin (issued by Paxos) All part of the plan.. @degenspartan : pyusd is a paxos whitelabel stablecoin do you know what else was a paxos whitelabel stablecoin? busd im not complaining at all - ive a paxos account and the offramping experience with them is very smooth and easy i look forwad to using pyongyang united states dollars Matthew Green / @matthew_d_green : @NeerajKA I mean, that seems like a pretty huge improvement over having to use PayPal's user interface to pay people with that money? @mud2monarch : I'm not convinced that PayPal's stablecoin will be meaningfully different from PayPal currently. In 2022, I wrote about what makes a stablecoin like USDC different from PayPal balances. Hint: It's not just the name. https://mud2monarch.medium.com/ ... Neeraj K Agrawal / @neerajka : paypal is going to let people pay each other with a digital representation of a reserve of money held by the company @twobitidiot : HUGE NEWS! PayPal launching a stablecoin with Paxos at the same time the SEC is losing to the industry in court and Congress advances stablecoin legislation is mega bullish for crypto app developers. Also, look who's speaking at Mainnet. 👀 [image] Austin Campbell / @campbelljaustin : I've been saying for a while that stablecoins are coming whether the banking regulators want them to or not. Fighting on the hill of defending a wildly antiquated system that rips off consumers is not going to end well. We need to embrace technology and empowering the end user. @paoloardoino : On a totally separate note, welcome @PayPal to the stablecoins world. @nic__carter : Paxos/ BUSD was ground zero in terms of extra-judicial coordinated cross-agency regulatory harassment. The fact that PayPal was able to get this through with Paxos is telling Harrison / @poppunkonchain : In addition to freezing, unfreezing, and wiping funds... Paypal's new stablecoin contract gives them the ability to give ANYONE a tummy ache. I personally won't stand for this level of centralization on the blockchain. [image] Andy Bromberg / @andy_bromberg : Looks like the PayPal USD proxy address, according to their site: https://etherscan.io/... Current implementation: https://etherscan.io/... Dan Awrey / @danawrey : This move really highlights how disjointed US payments policy has become. If the current version of the stablecoin bill makes it to the President's desk, PayPal's stablecoin customers will have far better legal protections than its existing customers, who hold ~$40B in balances Adam Cochran / @adamscochran : Branded stable issued by Paxos, and initially only useable in Venmo and then between Venmo and PayPal... Kind of a nothing burger and mostly centralized rails. Disappointing. [image] @djohnson_cpa : PayPal $PYPL launching its own stablecoin pegged to the USD as they see more regulatory clarity developing around crypto. Big for crypto but also interesting for PayPal as stablecoins are highly profitable biz in high interest environment and they've been struggling for a while JC Oviedo / @jcoviedo6 : Why would anyone still use Tether going forward? @acityinohio : imagine combining PayPal's award-winning customer service with the legendary UX of crypto https://www.bloomberg.com/... LinkedIn: David Shuttleworth : PayPal has just announced the launch of its own stablecoin, PayPal USD (PYUSD), an ERC-20 token that will operate on the Ethereum network. … Jose Fernandez da Ponte : Proud and excited to announce the launch of PayPal's U.S. dollar stablecoin, PayPal USD (PYUSD). — PYUSD is the first and only stablecoin supported … Forums: r/wallstreetbets : PayPal ($PYPL) Launches a Stablecoin in Latest Crypto Payments Push r/ethereum : PayPal launches US dollar stablecoin as ERC-20 token on Ethereum r/ethereum : PayPal Launches U.S. Dollar Stablecoin on Ethereum Blockchain