2023-08-08
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]
Bloomberg
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 ...
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/ ...
Bloomberg
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 ...