PayPal's introduction of #PYUSD is an exciting development that could significantly advance the mainstream adoption of cryptocurrencies and blockchain technology. By leveraging its massive user base and payment volume, PayPal could potentially make #PYUSD a leading dollar-backed stablecoin.
#PYUSD *benefits over traditional payment methods:
- near-instant settlement times
- transparent reserves reporting
- interoperability between fiat and crypto.
#PYUSD downsides
- its accessibility is currently limited only to banked Americans on Venmo, rather than being globally accessible.
- The potential bridging between traditional finance and crypto space is dependent on whether Paypal expands the availability of #PYUSD beyond the USA.
- #PYUSD doesn't offer much new over existing Paypal services
- Decentralization is in question
- Duplicate what other stablecoins are doing
- Will DeFi embrace #PYUSD?
- Looks Paypal's sandbox experiment
We can't call this an innovation though, it could be interpreted as a Marketing effort to appear innovative and relevant in the cryptocurrency space.
But the greatest strength of all is that Paypal has the power to influence the US regulators. Tether and Circle have pathed the way with regulators, so now Paypal knows what moves to make to stay on the regulator's good side. Show Less
