PYUSD by PayPal

[dkbit98]

Some time ago PayPal created their own version of stablecoin PYUSD that has the value of $1 USD and it is backed by dollar deposits, US treasuries, and cash equivalents.
Until recently PYUSD was a token on ethereum blockchain, but now they added support for solana blockchain with confidentiality transfers, and that part was interesting to me.
Sender, receiver and government regulators will be able to see this transactions, but for everyone else they will be not be visible.
For the record, I don't trust solana at all, they had multiple downtime flaws, bugs and it is centralized blockchain.
You can read more about that on Solana blog post:
https://solana.com/news/pyusd-paypal-solana-developer



PYUSD official website:
https://www.paypal.com/us/digital-wallet/manage-money/crypto/pyusd

[Zed0X]

Nah! I already consider that as a bank on the blockchain or otherwise known as CBDC. I am going to guess that PYUSD on Solana users will celebrate this without knowing that clause. If they found out, most likely, they will still defend it because they have nothing to hide (that's what they always say).

[MrSpasybo]

Some time ago PayPal created their own version of stablecoin PYUSD that has the value of $1 USD and it is backed by dollar deposits, US treasuries, and cash equivalents.
Until recently PYUSD was a token on ethereum blockchain, but now they added support for solana blockchain with confidentiality transfers, and that part was interesting to me.
Sender, receiver and government regulators will be able to see this transactions, but for everyone else they will be not be visible.
For the record, I don't trust solana at all, they had multiple downtime flaws, bugs and it is centralized blockchain.

I do not have any plans to use or own PYUSD in the future. To me, the launch of PYUSD is simply a confirmation of PayPal's official entry into the crypto market. PayPal has accepted crypto in the past, but the fact that PayPal has created its own stablecoin confirms that crypto has become a widely accepted market that even payment giants cannot ignore.

PYUSD's operation on Solana could provide more options for users in this ecosystem. I support Solana and believe that its team can improve the stability of the network. In the worst case, outages on Solana would not have any impact on the reputation of PYUSD, similar to how USDT was not affected when Solana went down.

[TomPluz]

Sender, receiver and government regulators will be able to see this transactions, but for everyone else they will be not be visible.

This is something that is actually not making sense to me...if the government regulators can be able to see it why not make it available for all to see? What is the point of making it private but allowing the government to see...just so SEC will not give PayPal a lawsuit into the future? This is confirming to me that PYUSD is a very government-friendly stablecoin...who is more concerned with the government regulators first and foremost then the rest will just follow. At the time when there is a growing question on the viability of USDT, it is unfortunate - in my own assessment - that PYUSD is not actually its alternative as this can just be more of the same.

[dkbit98]

This is something that is actually not making sense to me...if the government regulators can be able to see it why not make it available for all to see? What is the point of making it private but allowing the government to see...

PYUSD is going to have confidential transactions, that is not the same as private transactions like monero has.
That means that if regulators ask for more information about any confidential transaction than they can receive it, but they can't do that for all transactions.
Fully private cryptocurrencies will obviosuly never be accepted by Paypal and similar big companies.
 

[ABCbits]

The name is a bit unusual since people use "PP" rather than "PY" when they want to shortern "PayPal".

Sender, receiver and government regulators will be able to see this transactions, but for everyone else they will be not be visible.

This is something that is actually not making sense to me...if the government regulators can be able to see it why not make it available for all to see? What is the point of making it private but allowing the government to see...just so SEC will not give PayPal a lawsuit into the future? This is confirming to me that PYUSD is a very government-friendly stablecoin...who is more concerned with the government regulators first and foremost then the rest will just follow. At the time when there is a growing question on the viability of USDT, it is unfortunate - in my own assessment - that PYUSD is not actually its alternative as this can just be more of the same.

It's probably aimed to certain people who just don't want to be tracked by random people on internet.

[dkbit98]

It's probably aimed to certain people who just don't want to be tracked by random people on internet.

Yes.
For example if you post confidential wallet address in public nobody will know how much coins you received and from what address.
Recently developers introduced Silent Payments for bitcoin that work in similar way and have different addresses formats.
Another stable coin with confidential transactions is L-USDT, that is Tether of Bitcoin Liquid Network.
So this can be useful for many people.

[jesuschrist!]

The name is a bit unusual since people use "PP" rather than "PY" when they want to shortern "PayPal".

Sender, receiver and government regulators will be able to see this transactions, but for everyone else they will be not be visible.

This is something that is actually not making sense to me...if the government regulators can be able to see it why not make it available for all to see? What is the point of making it private but allowing the government to see...just so SEC will not give PayPal a lawsuit into the future? This is confirming to me that PYUSD is a very government-friendly stablecoin...who is more concerned with the government regulators first and foremost then the rest will just follow. At the time when there is a growing question on the viability of USDT, it is unfortunate - in my own assessment - that PYUSD is not actually its alternative as this can just be more of the same.

It's probably aimed to certain people who just don't want to be tracked by random people on internet.

They don't want random people tracking them but they want the government tracking them?

[dkbit98]

They don't want random people tracking them but they want the government tracking them?

I don't know what is so strange about that, and don't you and everyone else already use personal bank accounts in the same way?
Nobody should expect any real privacy coming from Paypal and their coin creations, but that probably goes for all stable coins also.

[ABCbits]

--snip--
It's probably aimed to certain people who just don't want to be tracked by random people on internet.

They don't want random people tracking them but they want the government tracking them?

Yes, as weird as it may sounds to you. People who use traditional financial service already know government theoretically could track them anyway. And based on the news, it's not very clear whether government have access to all PYUSD transaction or only request certain PYUSD transaction.