PayPal CEO rejects stablecoin threat

Core Insights - The enactment of the Genius Act has initiated a stablecoin era, with fintech companies, including PayPal, exploring new opportunities in this space [1][3] - PayPal CEO Alex Chriss views stablecoins as an opportunity rather than a threat to the existing payments ecosystem, emphasizing their potential to create more efficient payment methods [2][3][6] Company Developments - PayPal has developed its own stablecoin, PayPal USD, pegged to the dollar on a one-to-one basis, marking an early entry into the stablecoin market [4] - The company is exploring cross-border and business-to-business stablecoin use cases and is collaborating with Mesh to create a pay-with-crypto conversion tool [5] - Chriss believes that stablecoins represent the next evolution of payments, aiming to reduce friction and costs in the payment ecosystem [6] Industry Trends - Other major players, such as Visa and Fiserv, are also considering stablecoin initiatives following the regulatory framework established by the Genius Act [3] - Stablecoins are designed to be less volatile than traditional cryptocurrencies like bitcoin and ether, as they are typically pegged to stable assets [4] - Despite the potential, Chriss acknowledges that stablecoins may not become a common payment method in the near future, and consumers are unlikely to use multiple stablecoins [7]