PayPal launches PYUSD stablecoin for payment (cointelegraph.com)

submitted 1 year ago by tracyspcy@lemmy.ml to c/crypto@lemmy.ml

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[-] max@nano.garden 1 points 1 year ago

as for freezing accounts, it became common among centralized stablecoins

Yeah, from what they have written It appears like this is necessary feature to comply with regulations.

I am thinking about how I might be able to get a practical use out of PYUSD. Maybe if I kept all of my assets in crypto, then it might be useful to be able to get PYUSD and pay using a paypal account. But I have a lot more fiat than crypto available, and by using PYUSD I lose most if not all of the benefits associated with a crypto payment - plus gas fees. So I don't see why I would chose this option over a normal fiat transfer.

I guess I'm having trouble wrapping my head around the real use case. Is this more than a marketing gimmick?

[-] tracyspcy@lemmy.ml 2 points 1 year ago

Idk about practical use of stablecoins outside of speculations. Probably paypal just covering niche without any clear understanding just because stablecoins under the hood is very similar to paypal , just using different rails

[-] max@nano.garden 2 points 1 year ago

Probably paypal just covering niche without any clear understanding just because stablecoins under the hood is very similar to paypal , just using different rails

Yes, that is what it looks like to me.

The thing is... it would take such a small modification to this system to change the world. If PayPal were to implement this such that the PayPal payment can be made by transferring the crypto into the seller's account directly and anonymously without the buyer having a PayPal Balance account, and then PayPal is willing to exchange the seller's PYUSD for fiat directly on the site, this would be such a significant step in the crypto revolution.