Odaily Planet Daily News PayPal Senior Vice President and General Manager of Blockchain, Cryptocurrency and Digital Currency Jose Fernandez da Ponte said that building the PYUSD stablecoin based on Ethereum is an "easy choice" because the developer community already exists.

In a podcast with Unchained reporter Laura Shin, Fernandez explained that PYUSD is very different from other stablecoins like USDT and USDC. First, it leverages the PayPal ecosystem, allowing it to access a bilateral network; second, PYUSD can also be used as a payment alternative for e-commerce sites and merchants that accept PayPal for settlement; connectivity with fiat currency is also an advantage of PYUSD.
When asked about PayPal’s motivation for deciding to launch a stablecoin, Jose noted that the company believes that stablecoins are the “killer app” for blockchain right now. He also pointed out that stablecoins are very close to PayPal's core payment market. The launch of PYUSD is an evolution of PayPal’s vision to be “a conduit between fiat currencies and Web3, bringing mainstream adoption to the payments system.” (CoinGape)