Tether Co-Founder Sizes Up PayPal’s Stablecoin Ambitions


18 Sep 2023 10:19 AM

Tether pioneer William Quigley, who was also an early investor in PayPal, said he doubts the payments giant will bring much innovation to the stablecoin space....

  • William Quigley, co-founder of Tether, believes privately issued stablecoins are beneficial to society.
  • Quigley does not expect much innovation from PayPal's PYUSD token, viewing it as a cost-saving measure.
  • Tether and USD Coin dominate the stablecoin market, but PayPal's wide user base could disrupt the leaderboard.
  • Quigley, an early investor in PayPal, explains that stablecoins can save on currency conversion fees and eliminate the need for financial intermediaries.
  • PayPal can either continue charging conversion fees and retain the profit or lower transaction costs for customers.
  • Stablecoin operators can earn impressive yields on reserves, which Quigley did not anticipate when creating Tether.

The sentiment of the article is mostly neutral, with some positive views on the benefits of stablecoins and negative expectations regarding PayPal's innovation potential.

Go to publisher site

You May Ask

Who is William Quigley and what is his opinion on privately issued stablecoins?How does Quigley view PayPal's PYUSD token and its potential for innovation?Which stablecoins dominate the market, and why is PayPal considered a potential disruptor?How can stablecoins save on currency conversion fees and eliminate the need for financial intermediaries?What are the two options for PayPal to exploit its stablecoin network, according to Quigley?

Suggested Reads