PayPal is "Highly Unlikely" to Become a Dominant Player in Stablecoin Market William Quigley, one of the co-founders of Tether (USDT),
believes PayPal's stablecoin won't achieve notable adoption, particularly outside the United States.
"It is highly unlikely that PayPal will play a dominant role in the stablecoin market, certainly not outside of the US," Quigley said in a recent interview with Cryptonewscom.
The crypto veteran, who is also a co-founder of WAX,
one of the world’s largest entertainment NFT networks, argued that stablecoins, like all cryptocurrencies
, are judged by their performance across market cycles.
Therefore,
as a new entrant in the crypto space, PayPal’s stablecoin will need time to earn the confidence of the crypto community. He added that the
majority of existing crypto users already have one or two preferred stablecoins.
Back in August,
PayPal announced that it is rolling out its PYUSD stablecoin soon. The dollar-pegged asset is issued by
Paxos, a blockchain infrastructure firm
that used to issue Binance USD (BUSD) stablecoin.
