PayPal crypto chief Jose Fernandez da Ponte on battling Tether, USDC

PayPal on Monday became the first major U.S. fintech company to offer its own crypto token with a dollar-pegged stablecoin known as PayPal USD, making big promises of how it can move money between millions of crypto investors.

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“Stablecoins are the killer application for blockchains right now,” said Jose Fernandez da Ponte, PayPal’s senior vice president and general manager of blockchain, crypto, and digital currencies.

“There are inherent advantages in cost, programmability, settlement time,” continued da Ponte, adding that the market is primed for new entrants that are fully backed – and unlike tether, fully regulated.

“Stablecoins are something that we cannot just sit out,” da Ponte added.

Source: PayPal is trying to drag its 435 million users into the $120 billion stablecoin market — here’s why