PayPal(US:PYPL) Xin Lang Cai Jing·2026-02-04 05:07Core Insights - The article discusses David Marcus's reflections on PayPal nearly 12 years after his departure, highlighting the company's focus on financial optimization over product and platform strategy [1] Group 1: Company Strategy - Marcus criticizes PayPal for its long-term emphasis on financial optimization while neglecting product and platform strategy [1] - He points out that the stablecoin PYUSD, while technically sound, lacks a strategic rationale for its existence [1] Group 2: Product Analysis - PYUSD has distribution capabilities but does not have genuine, intrinsic transaction demand [1] - The stablecoin is described as being "attached to the product" rather than serving as a core settlement layer or a new payment rail [1]