PayPal's Stablecoin Scheme

💰💰And how to profit 💰💰 [Altucher Confidential] August 09, 2023 [WEBSITE]( | [UNSUBSCRIBE]( Here’s Paypal’s stablecoin strategy… and how to profit from it. [Hero_Image] PayPal's Stablecoin Scheme “Godfather Of AI” Reveals Stunning Prediction [Click here to learn more]( He’s a 35-year AI veteran who has worked closely on AI technology for decades… - In 1988, the National Science Foundation funded him to build an AI chess program. - He’s written and published academic papers on AI. - And he’s used AI to trade stocks as early as 2001. [But today, he’s stepping forward with a critical prediction that he says every investor needs to hear.]( Whatever you do, I’m urging you to not invest a single dime into AI technology until you see this man’s warning. [Click here for details.]( [Chris Campbell] CHRIS CAMPBELL Dear Reader, It’s called the 'Stablecoin Transparency Act', or Bill S.3970. The bill was rolled out in Congress last year by Sen. Bill Hagerty (Rep-TN). Its mission? To lay down some ground rules for fiat-backed stablecoins and throw in some extra guidelines for good measure. Section 2 is clear-cut: stablecoins need a 1:1 backing, with reserves stashed in T-bills, cold hard cash, or repo agreements. Now, this sounds pretty good politically. It's got the charm of straightforward safeguards and the allure of monthly check-ups, all to champion consumer protection and solid business ethics. However, here's the twist… This bill could make stablecoins the golden child, appearing even safer than your everyday bank deposit. And, for the banking system, that’s a problem. Yesterday, we dove into the idea of full-reserve banks and why they’re [Too Safe to Exist (TSTE)](. TL;DR: If one bank is "too safe", it can suck deposits out of the whole system towards that bank. Safety is OK. Too much safety is deadly. Stablecoins can offer things that full-reserve banks can’t. Such as extra transparency, security, and stability. But, just like the rise of full-reserve banks, The Stablecoin Transparency Act could end up being the swan song for our good old fractional reserve banks. And that’s what makes Paypal’s move so interesting. Paypal USD, Anyone? This week, PayPal announced the rollout of PayPal USD (PYUSD). After receiving a 'BitLicense' from the Department of Financial Services, PayPal began stablecoin development. But in February, regulatory scrutiny on cryptocurrencies, including an investigation into Paxos for potential illegal sales of Binance USD (BUSD)—deemed a security by the SEC—paused their efforts. Yet, Jose Fernandez da Ponte, head of PayPal's blockchain and digital currencies, recently noted the regulatory landscape is becoming clearer and acknowledged the growing demand for an alternative stablecoin. Some interesting things to note. PYUSD is… → on the Ethereum blockchain. → issued by (Thiel-backed) Paxos, the creator of the Paxos Dollar. → backed by USD deposits, short-term Treasuries, and cash equivalents. → essentially a full-reserve bank. Does da Ponte know something we don’t? Is the Stablecoin Act closer than we think? Maybe. A more important question: Is it worth using? And another: How do I profit from this? Urgent Notice From Paradigm CIO Zach Scheidt! [James Altucher]( Hi, Zach Scheidt here… I’m the Chief Income Officer at Paradigm Press. With inflation raging (and showing no signs of coming to an end any time soon), almost everyone in America is feeling the pain in a big way. Which is why, several months ago, I set out on a big mission… my goal was to create a [complete, step-by-step plan to surviving and beating inflation]( one that anyone could take advantage of. Today, after hundreds of hours of research, I’m revealing all of my findings. [Simply click here now to see how to survive America’s deadly inflation crisis](. What You Need to Know Paypal has long been known to randomly freeze accounts and hold money hostage, so the following shouldn’t come as a surprise. First, the stablecoin features a built-in "assetProtection" function which can freeze and then erase your balance. The code also allows Paypal to pause transfers any time they want. While this makes a lot of crypto people unhappy, it’s pretty consistent with USDC, BUSD, USDT, and other stablecoins. In fact, Paypal USD seems a bit behind the curve. It’s even written in a slightly-outdated version of Solidity, Ethereum’s coding language, suggesting they might have been sitting on this for a while. (The thing about Ethereum is we can see exactly what’s happening under the hood.) [What's happening under the hood] And that gets us to the nitty-gritty… How to profit. Our crypto thesis is -- and has been -- that the Ethereum network will outperform all other major crypto networks. The fact that - time and again - big companies, and even nations, decide to launch on Ethereum is proof. Paypal’s latest move may or may not be bullish for Paypal. But it’s DEFINITELY bullish for ETH. Until next time, [Chris Campbell] Chris Campbell For Altucher Confidential Rickards: “Look at this $1 bill…” [James Altucher]( There’s a very important reason Jim Rickards is holding this $1 bill… It has to do with [a critical 11-word message]( hiding in plain sight, right on the front. Without this message… Every dollar you own would be completely WORTHLESS. And as Jim points out… That could be EXACTLY what Joe Biden has in mind. [Click here to learn the TRUTH, and how to protect your money now](. [Paradigm]( ☰ ⊗ [ARCHIVE]( [ABOUT]( [Contact Us]( © 2023 Paradigm Press, LLC. 808 Saint Paul Street, Baltimore MD 21202. 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