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Bank of America predicts that PYUSD will not be easily adopted

Bank of America reacts to the launch of PayPal’s PYUSD stablecoin, pegged to the US dollar, arguing that the asset is unlikely to be widely used, at least not anytime soon.

PayPal’s recent groundbreaking announcement about the launch of its US dollar-denominated stablecoin PYUSD has sparked much criticism around the world. While it seems like a significant step toward cryptocurrency adoption, some say PayPal won’t be very successful any time soon.

One of the largest banks in the US, Bank of America, outlined the main reasons why PayPal USD is unlikely to see immediate adoption in its recent research report.

Competing against CDBCs

First, Bank of America analysts Alkesh Shah and Andrew Moss explained that PayPal’s stablecoin could face intense competition in the market:

“Longer term, we expect PYUSD to experience additional hurdles to adoption as competition from central bank digital currencies (CBDCs) and yield stablecoins increases.”

It is true that several countries are actively exploring Central Bank Digital Currencies (CBDCs) that could compete with stablecoins, as both are based on similar technologies and are pegged to fiat currencies. Only this year, countries like Brazil, South Korea, Russia, Japan, the United Kingdom, among others, have reported news about the launch of their CBDCs. There is speculation that the US may also be working on its CBDC, although some of the country’s presidential candidates have claimed to be against it.

Competing against other stablecoins

Also, there are many other stablecoins that PYUSD will have to compete with. Profitable stablecoins are now especially attractive to investors, according to Bank of America:

“Investors may have been fine holding non-yielding stablecoins like USDT and USDC when rates were close to zero, but it is likely that yielding stablecoins will become increasingly available and attractive with short-term rates above 5%.” .

Dealing with regulatory scrutiny

Finally, the analysts also suggested that PayPal could face regulatory problems if traditional banks are prohibited from issuing stablecoins:

“Investors are likely to be indifferent to the stablecoins they own, as long as the stablecoins are perceived as safe and accessible on major trading platforms. We do not expect the launch of PYUSD to lead to accelerated regulatory clarity, as stablecoin issuance does not change the systemic risk for traditional markets, but stablecoins could face regulatory hurdles if nonbanks are prevented from issuing stablecoins. ”.

Just one day after PayPal unveiled its stablecoin project, the US Federal Reserve released new guidelines on the use of “dollar tokens” by US banks. According to the notice, to engage in any type of stablecoin-related activity, US banks will now need to receive a written supervisory no objection from the Federal Reserve.

Meanwhile, cryptocurrency scammers didn’t wait long to try to cash in on the big news and flooded decentralized exchanges with fake PayPal tokens.

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PayPal’s USD debut: why its new stablecoin is causing concern

PayPal has completed a long period of careful consideration, ups and downs to introduce its new USD-pegged stablecoin.

The stablecoin, called PayPal USD (PYUSD), makes it easy for users to engage in activities like “buying, selling, holding, and transferring” the token through the payment processor interface.

While these features may seem a bit mundane, resembling the features of a conventional checking account or a real PayPal account containing US dollars, they mark an important milestone after the company’s extensive two-year journey.

PayPal Stablecoin raises alarms about centralization functions

Sarah Hodder, an expert in digital asset law, drew X’s attention to the strong similarities between PayPal’s stablecoin and a central bank digital currency that could facilitate censorship.

PYUSD was officially introduced on August 7 and is issued by Paxos Trust Co., renowned for its holding in Binance USD (BUSD).

Using the Ethereum platform, PYUSD is designed for digital transactions and Web3 applications, and the company reveals plans for its availability to US clients in the near future.

Phelps suggested that this move could serve as a clever ploy by PayPal to minimize its own significant fees, juxtaposing them with the substantial gas costs associated with Ethereum.

In a notable gesture, PayPal itself seemed to recognize the potential for high fees beyond its own platform, suggesting an awareness of the challenges posed by Ethereum’s transaction costs.

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Payments Giant PayPal Invests in New Crypto Wallet Software to Boost Web3 Adoption

Payments giant PayPal is investing millions in Magic, the San Francisco-based crypto wallet company, in its latest venture into the digital asset space.

According to Magic’s press release, the wallet-as-a-service (WaaS) provider has raised $52 million in a strategic funding round led by PayPal Ventures.

According to Alan Du, partner at PayPal Ventures,

“Mass adoption of Web3 is a hot topic, and Magic is facilitating it with a simple and secure solution. discover Web3. We are proud to invest in Magic and are confident that the company will help increase the number of use cases for Web3 among global brands.”

The funding round also included investments from Cherubic, Synchrony, KX, Northzone and Volt Capital, bringing the total amount raised by Magic to $80 million, according to the release.

Magic, a 2018 tech startup, provides a non-custodial crypto wallet infrastructure for companies that want to give their customers a simple and secure Web3 experience.

The company uses a unique Software Development Kit (SDK) which is implemented to allow customers to instantly create wallets using their existing email, social media accounts or SMS. To date, Magic has created more than 20 million unique wallets, according to the release.

Current Magic customers include several branded companies, including Mattel, Macy’s, Xsolla, and Immutable.

Magic co-founder Sean Li said the funding will allow the company to expand its presence in the European Union (EU) and Asia-Pacific (APAC) region.

says Li,

“With this new funding, we are focused on expanding functionality and growing use cases to continue to deliver more value to our customers. We also look forward to achieving deeper integration in the EU and APAC.”

Paypal’s recent filing with the United States Securities and Exchange Commission (SEC) shows that the company held approximately $604 million in digital assets, including $291 million in Bitcoin (BTC) and $250 million in Ethereum (ETH), in the fourth quarter of 2022.

Last December, they also announced a partnership with cryptocurrency firm ConsenSys to integrate PayPal with MetaMask, one of the most popular cryptocurrency wallets in the world.

In April, PayPal-owned Venmo announced plans to allow its more than 70 million users to transfer cryptocurrency to other Venmo users, as well as move digital assets to wallets and external exchanges.

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Crypto Exchange Coinbase Reveals New DApp Wallet and Browser for Ethereum (ETH) Network

US-based cryptocurrency trading platform Coinbase is launching new ways for users to access decentralized applications (DApps) in the Ethereum (ETH) ecosystem.

The cryptocurrency exchange says it is launching a new DApp wallet and browser that will allow users to purchase digital collectibles, trade crypto assets on decentralized exchanges, and participate in decentralized finance (DeFi).

The new Ethereum-based wallet and DApp browser will be directly accessed from the Coinbase app and will initially be available to a limited number of US users. The DApp wallet and browser will also initially be available on the Android mobile operating system.

“We will launch the ability for a small set of Coinbase app users to access Ethereum-based DApps directly from the Coinbase app. This includes buying NFTs [non-fungible tokens] on marketplaces like Coinbase NFT and OpenSea, trading on decentralized exchanges like Uniswap and Sushiswap, and borrowing, lending or trading on DeFi platforms like Compound and Curve.”

According to Coinbase, interest in DApps and the third generation of the internet, or Web 3.0, skyrocketed with the total value locked in Ethereum-based DeFi protocols exceeding $110 billion, while token sales did not. Fungibles (NFTs) topped the US$30 billion. in the last 12 months.

One of the features of the new Coinbase DApps is an improved recovery process in case of loss of access to a device.

“With today’s release, users can explore DApps without having to manage a recovery phrase.

This innovative DApp wallet experience is powered by Multi-Party Computation (MPC) technology that allows you to have a dedicated on-chain wallet that Coinbase helps keep secure. This is due to the way this wallet is set up, which allows the ‘key’ to be split between you and Coinbase.

Ultimately, this means that if you lose access to your device, your DApp wallet key will still be safe and Coinbase can help you with recovery through our live support.”