It's clear when you step back and look at things that the world people and business included are getting very tired of their governments. The slow laboring processes, the unanswered questions and the constant restrictions are stifling growth while the government continues to try and remain in control.
However with massive increasing debt in the USA that seems to be very close to becoming out of control and continued credit ratings declines in the USA seems to be putting things a little on edge and making others seriously consider alternative means of wealth such as Bitcoin and crypto.
These constant unknowns and blockers are starting to drive businesses crazy to the point of simply just launching something in order to keep their business on the cutting edge and dealing with the aftermath and fines later.
Such is the case of the launch of PYUSD a cryptocurrency released by Paypal just two weeks ago. Paypal is still one of the largest payment systems online. Even though I personally hate them there's still far few options to actully compete which is mind blowing to me. With over 426 million accounts active and nearly 50% of the market share of global online payments.
A spokes person from Paypal said this...
“Our experience tells us that the time is ripe to modernize and upgrade the technological infrastructure of the financial system — and we want to help businesses and consumers adapt and engage. That is why we are launching a PayPal stable coin, which is designed to eliminate price volatility found in other digital currencies while enabling confident payments.”
This is a new shift that is happening. As new payment systems come online such as Stripe, Cash app and a host of others and start to implement crypto features within them companies like Paypal are realizing they need to get in on the action sooner than later. Which means waiting for regulator clarity is no longer an option and they need to act now otherwise lose more and more of their market share.
When you look at Tether's recent profits showed a 5.7% increase or 86.5 billion dollars in just the second quarter of 2023. This companies making MASSIVE crazy profits. Other companies are now hearing this and wanting to get in on the action but the regulatory framework still has nothing going on besides pure attacks of which companies just aren't having anymore.
The big thing with PYUSD is we are seeing it incorporated more and more into exchanges and other aspects of crypto compared to some of the other recent alternatives. Paypal has also announced it will be launching some type of hub in which will include DeFi and other crypto assets.
One of the big pluses of this however is that Paypal is a trusted business entity so it may hold more weight to it compared to other so called stablecoins which still do run some risks of not being stable.
Even thought these stablecoins are launching the amount of usage they are getting is rather low. With Tether still holding a majority share of 80% of the transaction volumes happening.
Most likely what we will be seeing is increased pressure on governments to start allowing and accepting crypto which is exactly what we need if we want real crypto adoption over an oppressive government. Again one of which many are losing faith in their governments around the world.