PayPal makes its major crypto move. But why now? Analysts have a lot of questions.
PayPal announced Monday that the financial tech powerhouse is rolling out its own stablecoin, a cryptocurrency pegged to the U.S. dollar.
"The shift toward digital currencies requires a stable instrument that is both digitally native and easily connected to fiat currency like the U.S. dollar," PayPal CEO Dan Schulman said in a statement. Ex // Top Stories Lawsuit alleges Tesla 'grossly overvalued' the range of its vehicles A team was also allegedly created specifically to divert customer complaints and cancel service appointments
It’s unclear how rolling out its own stablecoin benefits PayPal, said fintech analyst Alex Johnson, author of the Fintech Takes newsletter.“For PayPal’s customers, I don’t see much benefit,” Johnson told The Examiner. “The only value proposition that they are talking about right now is the ability to make free transfers to other PayPal users in the U.S., but you can already do that in PayPal and Venmo, so I don’t see this really moving the needle.
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