TL;DR
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The crypto area is shortly changing into quicker, cheaper, and simpler to entry (globally) than PayPal’s present closed ecosystem, in order that they’re adopting it earlier than it kills them.
Full Story
In right this moment’s “In the event you can’t beat ‘em, be a part of ‘em” information:
PayPal simply launched their PYUSD stablecoin on Solana (after launching on Ethereum final August).
“Okay, identical stablecoin, new chain. Who cares?”
Honest level.
What’s thrilling us about that is the writing it places on the proverbial wall.
PayPal is a closed funds ecosystem, that earns its cash by taking charges from the commerce of fiat currencies — and now they’re partially transitioning to crypto — a spot the place:
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They don’t personal the underlying ecosystem (as a substitute, Ethereum and Solana are consumer owned).
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They don’t gather any charges on PYUSD trades made exterior of the PayPal app.
…so why would they provide that up?
The crypto area is a rising ecosystem that’s shortly changing into quicker, cheaper, and simpler to entry (globally) than their present closed ecosystem.
So PayPal must adapt or die.
Proper. However how do they generate income?
In the event that they’re something like different stablecoins, they’ll take a small portion of their stablecoin’s complete money steadiness, and put it briefly time period, easy-to-get-out-of investments with a purpose to eek out a revenue.
Boring topic, thrilling implications!