I have seen some pretty horrendous takes on the @PayPal PYUSD token launch today - legitimately embarrassing for "thought leaders" on crypto twitter. I worked on the project - here's my take 🧵

Ethereum is the most decentralized, trustless settlement network. Period. It also has the most liquidity and adoption. Any company launching a stablecoin would naturally start there, but it doesn't preclude a future launch on a more performant network

There are also unique challenges with launching a regulated stablecoin on multiple networks and networks that aren't Ethereum (tech, regulatory, ux)

Of course #PYUSD has ability to "freeze & seize" assets - this is consistent with USDC, BUSD and event USDT. It's a core requirement for centralized issuers. Anyone tweeting as if it's "surprising" in some way is click-baiting you for a reaction

Why is PYUSD significant? First it is another step towards legitimizing crypto - @Paypal is the world's largest fintech provider and carries incredible brand reputation and user trust

PayPal's decision to launch a stablecoin is not "fuck around and find out" - there's a clear vision, strategy methodical approach at all levels - technology, regulatory and partnerships

Also, PYUSD will enable many more millions of people to safely enter Web3 - PYUSD is held bankruptcy remote unlike USDT and USDC - I would recommend PYUSD for risk-averse users over other stablecoins

@PayPal 's launch of crypto assets in Sept 2021 was a leading driver of the prior bull cycle - I expect PYUSD will lay critical groundwork for future adoption There's a few thought but feel free to post comments / questions

Amazed by the support by this thread. I expanded my thoughts into an op-ed for this interested looking to understand why #PYUSD could be massive for crypto

@CarlKVogel Bullish

@CarlKVogel Does on-chain processing actually bring anything to Paypal right now? For Paypal users and merchants the settlement is inside Paypal anyway, what are the use cases of $PYUSD proliferating beyond Paypal on Ethereum?

@CarlKVogel the network of merchants they have is undoubtedly a great asset for potential adoption