Jose Fernandez da Ponte, senior vice president and general manager of blockchain, cryptocurrencies and digital currencies at PayPal, said building the PYUSD stablecoin with ethereum (ETH) was an easy choice because the developer community already existed.
In a podcast with Unchained reporter Laura Shin, Fernandez explained that PYUSD is very different from other stablecoins like USDT and USDC.
First it leverages the PayPal ecosystem, giving it access to a two-sided network.
Second, PYUSD can also be used as a payment alternative for e-commerce sites and merchants that accept PayPal for settlement. Connectivity to fiat currencies is also another advantage of PYUSD.
When asked about PayPal’s motivation for deciding to launch a stablecoin, Jose pointed out that the company believes that stablecoins are the killer app of blockchain right now.