PayPal's stablecoin faces questions about usefulness, gas fees and old tech
allows the “owner to pause all transfers … freeze addresses to prevent actions … [and] admins to increase the total supply at will.”
The decision to issue PYUSD on Ethereum raised more than few eyebrows, with some saying the choice was a watershed moment for the protocol.. “Sleep on this if you want. Ethereum is becoming the money layer of the internet.”the strategy, considering how costly it can be to transact using Ethereum. “PayPal launching a stablecoin on mainnet ETH, rather than literally dozens of rollups that cost two cents, they could have used instead, is honestly a brilliant way to ensure their own exorbitant fees look like an inconsequential speck next to the gas,”PayPal itself seemed to acknowledge the possibility of high feels outside of its ecosystem.
"Quick heads up on buying PYUSD though–you might find different prices and fees when you buy it outside of PayPal," it wrote in the explainer about the token.PayPal has been active in crypto for some time and allows customers to hold cryptocurrencies such as bitcoin, bitcoin cash, ether and litecoin. In this year’s first-quarter earnings, the company revealed it was safekeeping nearly $1 billion in crypto for its customers.
At the time, the crypto industry was riding comparatively high with billions of dollars in fresh capital pouring into the industry, and a series of disastrous bankruptcies and regulatory actions had also yet to occur. PayPal's stablecoin ambitions
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