PayPal’s New Ethereum-Based Stablecoin and the ‘2 Wolves’ Inside Crypto

That restriction will likely lift in time, and PayPal may ultimately onboard more people into crypto than Coinbase (108 million at last count). And even if only a fraction of those customers ever interact with Web3 beyond PayPal this doesn’t have to cheapen crypto’s purity (which frankly has already been tainted). It’s not like the existence of PYUSD means bitcoin or ether or dai will disappear. And as Austin Campbell, who formerly managed the BUSD stablecoin reserves at Paxos, wrote: “A player like PayPal entering the field is material, for credibility, for access, for public education and to force everyone else to start grappling with the reality of blockchains and the types of commercial applications they enable.”