In a strategic move to consolidate its financial infrastructure, PayPal has filed applications with Utah regulators and the Federal Deposit Insurance Corporation (FDIC) to establish an industrial bank. This initiative, driven by CEO Alex Chriss, aims to grant the payments giant direct control over lending, deposit services, and payment network access—reducing its dependence on third-party banks. The application is positioned to enhance support for U.S. small business lending and, critically, to provide a regulated banking framework for PayPal’s expanding cryptocurrency and stablecoin operations, including its PYUSD stablecoin.
about PayPal Files to Form Industrial Bank for Crypto and LendingAlex Chriss
0 posts last weekPayPal Launches ‘Pay with Crypto’ for Merchants
PayPal has unveiled ‘Pay with Crypto,’ a digital payment solution allowing U.S. merchants to accept over 100 cryptocurrencies, including BTC, ETH, and stablecoins like USDT and USDC. The platform promises to cut transaction fees by up to 90% compared to credit cards and supports instant crypto-to-fiat conversions. Targeting global commerce, PayPal’s initiative aims to help businesses overcome cross-border payment challenges while boosting profit margins. The service integrates with major wallets like Coinbase Wallet and MetaMask, further bridging the gap between crypto and mainstream finance. PayPal CEO Alex Chriss highlights the potential for small and large businesses alike to benefit from lower costs and faster access to funds.
about PayPal Launches 'Pay with Crypto' for MerchantsPayPal’s ‘Pay with Crypto’ Cuts Fees by 90%
PayPal’s ‘Pay with Crypto’ initiative, launched on July 28, aims to revolutionize global commerce by slashing international transaction fees by 90% compared to traditional credit card processors. The service enables instant conversions from cryptocurrencies to fiat or PayPal’s native stablecoin, PYUSD, and supports over 100 digital assets, including Bitcoin and Ethereum. With compatibility for major wallets like Coinbase and MetaMask, the platform opens access to 650 million crypto users worldwide. PayPal CEO Alex Chriss highlighted the program’s potential to eliminate barriers in cross-border trade, offering merchants lower fees, instant access to funds, and growth opportunities through PYUSD’s 4% yield. The initiative aligns with PayPal’s broader push for stablecoin adoption, following partnerships like the one with Fiserv. Additionally, PayPal’s new ‘PayPal World’ platform enhances interoperability between major digital wallets, further simplifying global commerce.
about PayPal's 'Pay with Crypto' Cuts Fees by 90%PayPal World Links Global Wallets Without Blockchain
PayPal announced PayPal World, a platform launching this fall that will link domestic digital wallets (e.g., India’s UPI, China’s WeChat Pay, Brazil’s Mercado Pago) to its global merchant network, enabling cross-border transactions without blockchain. While it offers stablecoin-like benefits—fast settlement and currency conversion—it relies on traditional fiat systems. The move coincides with PayPal’s continued expansion of its stablecoin, PYUSD, now available on Solana and Ethereum, with plans for Stellar. Critics argue PayPal World isn’t a ‘stablecoin killer’ but a bridge between legacy systems, while others see it as validation of stablecoins’ utility in regions with slow banking. The platform will support in-store, online, and peer-to-peer transactions, with future plans for AI-powered commerce.
about PayPal World Links Global Wallets Without BlockchainPayPal CEO: US Needs Incentives for Stablecoin Adoption
PayPal CEO Alex Chriss argues that US consumers lack meaningful incentives to adopt stablecoins, despite regulatory momentum like the GENIUS Act, which could establish the first federal framework for dollar-pegged stablecoins. PayPal’s PYUSD, launched in 2023, has struggled to gain traction against dominant players like USDC and USDT, holding just 0.4% of the market. To spur adoption, PayPal is introducing rewards programs and a 3.7% yield on PYUSD balances, while also targeting cross-border payments—a sector where blockchain could undercut high remittance fees. Regulatory clarity and competitive pressure on traditional card networks like Visa and Mastercard signal shifting dynamics in payments. However, Chriss acknowledges that stablecoin adoption is stronger in developing nations, where users benefit from dollar access and low-cost transfers, unlike US consumers who remain tied to credit card networks.
about PayPal CEO: US Needs Incentives for Stablecoin AdoptionKey Market Insights and Stock Updates for Tuesday
Bitcoin has dropped below $90,000, coinciding with MicroStrategy’s recent purchase of over 20,000 bitcoins, leading to a 5% decline in its shares. Meanwhile, Bank of America has reduced its price target for Coinbase, and Wall Street anticipates a flat market open following a mixed session.Home Depot reported better-than-expected earnings amid a challenging housing market, while Tesla’s sales in Europe fell 45% last month despite a surge in overall EV sales. Additionally, Hims & Hers shares plummeted 20% after announcing a shift away from weight loss drugs, and PayPal is set to hold its first investor day in four years, projecting significant revenue growth for Venmo by 2027.
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