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PayPal launches its own U.S. dollar-backed stablecoin
- vannevar 3y agoIt's only "dollar-backed" if PayPal guarantees to convert the coin to dollars on demand. Anything short of that is marketing.
- toomuchtodo 3y agoPayPal sees the writing on the wall with FedNow. Desperately attempting to remain relevant when the Fed provides instant payment and value movement rails. They'll attempt to skim off their stablecoin transactions and keep value on their platform vs at banks, credit unions, or brokerages: > Customers will be able to use PYUSD to purchase products, send from person-to-person, transfer to other wallets, and can be converted to or from other cryptocurrencies that PayPal supports.
- rvz 3y ago> Desperately attempting to remain relevant when the Fed provides instant payment and value movement rails. How exactly? FedNow doesn't work outside of the US.
- deleted 3y ago[deleted]
- constantcrying 3y ago>FedNow doesn't work outside of the US. And Europe has IBAN transfers, which didn't kill Paypal. Although I am not quite sure why paypal hasn't been killed. Using my bank account is almost always as simple as paypal and most stores offer some form of it.
- consumer451 3y agoI have been in the EU a lot over the last few years and no one I know uses anything but direct bank transfers. I don’t think any of my EU friends have a paypal account.
- ilikeitdark 3y agoI'm from the USA but been living in Spain for ages, and I'm the only one I know that uses PayPal. Everyone does bank transfer.
- ekabod 3y agoI don't think you have been to France. I am french, and I use Paypal all the time because I don't want to give my CC numbers and a majority of online store offer Paypal as an option to pay. Direct Bank transfer to pay online is not widely offered.
- consumer451 3y agoI have not spent much time in France, and I guess that use Apple Pay to accomplish the same goal of not sharing credit cards.
- worklaptopacct 3y agoDepends on the country. In Poland, most banks use a standardized interbank instant cheque system which is integrated with your phone number, and everyone would use that for settling small sums between each other. Sweden has a similar system that's even more flexible. Meanwhile, German banks offer a similar solution (giropay), yet - in this privacy-obsessed society - everyone uses PayPal instead.
- constantcrying 3y ago>yet - in this privacy-obsessed society - everyone uses PayPal instead. I don't get why to be honest. Banks are far more regulated than Paypal...
- 3y ago
- johnwheeler 3y agoWhat for?
- tracker1 3y ago"I can haz transaction fees too?"
- tenpies 3y agoDetails will be coming, but it sounds like Paypal's stable coin will have no yield. Holding money for people, while paying them no yield in the current interest environment, would be hugely lucrative.
- 22c 3y agoI can't think of any successful stable coins that offer yield on their own. DAI in a round-about way, I guess? Seems like it would be relatively trivial to dump pyUSD into a Curve pool which would generate yield for pyUSD HODLers (among a myriad of other ways that pyUSD could be used to generate yield).
- happytiger 3y agoIt’s just slightly avoiding being a criminal act with the terms and conditions I guess. We take your money and earn interest while giving you… nothing? What the hell is going on?
- musicale 3y agoI'm sure this will end well.
- cultofmetatron 3y agoI wouldn't trust paypal with anything. they cancelled my account after bein used 18 years. something flagged it and they just cancelled me with no recourse. friends don't let friends use paypal.
- happytiger 3y agoFriends definitely do not let friends use PayPal. Experience the upvotes my friend.
- vorpalhex 3y agoA twitter user has caught that the smart contract for their coin allows them to freeze accounts and burn the tokens. https://twitter.com/pashovkrum/status/1688591468498239496?t=lR7yv16-J9QSGcIeEloacQ&s=19 https://twitter.com/pashovkrum/status/1688591468498239496?t=...
- korginator 3y agoI really don't see the value proposition for yet another stablecoin. The only reason I was using PayPal is so that I didn't have to provide my credit card number to merchants while purchasing online. Now with single-use CC numbers, I haven't used PayPal for a few years. What am I missing?
- ChrisArchitect 3y agoMore discussion over on the official post: https://news.ycombinator.com/item?id=37041992 https://news.ycombinator.com/item?id=37041992
- server_man3000 3y agoPayPal is still around? Avoid like the plague my friends