HAL1000 Posted August 7 Share Posted August 7 (edited) https://www.theblock.co/post/243569/paypal-launches-stablecoin PayPal has launched a stablecoin in partnership with Paxos. The new coin, an ERC-20 token, will be issued on the Ethereum blockchain. "The shift toward digital currencies requires a stable instrument that is both digitally native and easily connected to fiat currency like the U.S. dollar," PayPal CEO Dan Schulman said in the statement. "Our track record delivering new experiences to our customers, provides the foundation necessary to contribute to the growth of digital payments through PayPal USD." Edited August 7 by HAL1000 PunishmentOfLuxury 1 Link to comment Share on other sites More sharing options...
xrp-pat Posted August 7 Share Posted August 7 I don't fully understand how eth Blockchain works, but I'm assuming there's no gas needed for this then. I'm guessing as it's PayPal and aimed at retail, it'd need to be extremely cheap to utilise, ie, no big gas fees. Link to comment Share on other sites More sharing options...
RipMcGillicuddy Posted August 7 Share Posted August 7 Paypal prob doesn't fully understand how it works either and will be forced to pass on the gas fees to its customers haha PunishmentOfLuxury and xrp-pat 2 Link to comment Share on other sites More sharing options...
PlanK Posted August 7 Share Posted August 7 What will a Paypal dollar be worth outside of the Paypal ecosystem? I don't use Paypal. For me it's only overseas websites I see that use it. I had a look but their transaction fees and sh1tty conversion rates means it's cheaper and easier to use a credit card. If I had a Paypal dollar and couldn't convert it to something useful I can actually use then it's useless to me. Link to comment Share on other sites More sharing options...
jn_r Posted August 8 Share Posted August 8 (edited) Deploying on L1 Ethereum chain will make it available on all L2 chains... So actually makes sense to deploy it on L1. Even with L1 high fees, they can bridge to a L2 and work from there. Holding PYUSD means you trust Paypal the company and their collateral. Paypal can mint new PYUSD. It can also freeze your PYUSD, required by regulation. No whitelisting.. This is supposedly the smart contract, not much happening there yet... https://etherscan.io/address/0xe17b8adf8e46b15f3f9ab4bb9e3b6e31db09126e Reading through this they do start on Ethereum, but Paypal holds the big jar of all of its clients PYUSD, clients can then send each other PYUSD with no fee (like if they are on an exchange). You will however be able to send it to other Ethereum addresses (also just like an exchange). You will be able to exchange with other crypto's, also like an exchange Edited August 8 by jn_r HAL1000 1 Link to comment Share on other sites More sharing options...
TRomanoS Posted August 8 Share Posted August 8 In essence, is PayPal aiming to profit by complicating our lives, or does it aim to be in trend and simplify our lives? Link to comment Share on other sites More sharing options...
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