PayPal Launches U.S. Dollar Stablecoin

If it was actually &quot;backed by deposits&quot; then you wouldn&#x27;t need it. You would simply transfer those &quot;deposits&quot; around.<p>So what they&#x27;re actually doing is bypassing banking legislation and attempting to do fractional reserve banking with no licence. They&#x27;re also trying to bypass official currency and counterfeit their own shit. People need to start doing time for this because it is ridiculous that these clowns think they can just skip past a thousand years of legislation. Minting your own coins? People used to get beheaded for this.

I wasn’t sure if paypal-corp was a legit webpage for paypal. Here’s a Reuters article confirming the story <a href="https:&#x2F;&#x2F;www.reuters.com&#x2F;technology&#x2F;paypal-launches-stablecoin-crypto-push-2023-08-07&#x2F;" rel="nofollow noreferrer">https:&#x2F;&#x2F;www.reuters.com&#x2F;technology&#x2F;paypal-launches-stablecoi...</a>

Who else read PYUSD as &quot;pie-usd&quot; intuiting something like &quot;Python USD&quot;... &quot;pip install pyusd&quot;

Has there ever been a USD stable coin that hasn&#x27;t imploded? Or in other words, what&#x27;s the mean time to failure?

Some people have found some interesting &quot;features&quot; in the code like the ability to &quot;freeze&quot; accounts and then empty them completely.<p><a href="https:&#x2F;&#x2F;twitter.com&#x2F;pashovkrum&#x2F;status&#x2F;1688591468498239496" rel="nofollow noreferrer">https:&#x2F;&#x2F;twitter.com&#x2F;pashovkrum&#x2F;status&#x2F;1688591468498239496</a><p>Is this something that&#x27;s necessary? Or is it just very dangerous.

This seems like yet another ERC-20 stablecoin with no special &quot;quirks&quot;, from a quick reading. My question is, what is the reason for this to exist over existing stablecoins that have much broader acceptance and long history (for crypto anyway), e.g. USDC&#x2F;USDT?

Why would I want something that is even less money than if I had money in Paypal?

Is there a real use case for this, or is it just to cash in on the crypto market?<p>I ask because crypto transfer fees for bitcoin&#x2F;eth are ridiculous if you&#x27;re not transferring thousands of dollars at a time.<p>And if paypal is the one exchanging&#x2F;holding your USD, crypto or not, why pay that fee?

&gt; As the only stablecoin supported within the PayPal network<p>Will it eventually be the case that these platforms start throwing anti competitive lawsuits at each other for not supporting THEIR stable coin?<p>It’s a smart move by PayPal anyway, people funnel their dollars to them, they collect a nice little interest payment via bonds.