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.
Tether co-founder Quigley says PayPal’s stablecoin ambitions are driven largely by potential savings on trillions of dollars worth of multicurrency transactions.
Quigley, who left Tether in 2015, was also an early investor in Paypal though he no longer holds any of its stock. He said he knew PayPal had been looking at stablecoins for seven or eight years, driven largely by the potential savings on the many multicurrency transactions carried out by hundreds of millions of PayPal users.
“All transactions are now done on its private blockchain outside of the Visa network and the banking system,” Quigley said. “There are no financial intermediaries anymore – just PayPal. There is no third-party FX intermediary taking margin because real currency is not being swapped. It’s just one token being exchanged for another. There’s no FX or interchange fee.”
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