Stablecoin Technicalities: Innovations, Challenges, and Opportunities by Edwin Aoki | Devcon SEA

In August 2023, PayPal launched its PYUSD stablecoin as an ERC-20 token, aiming to transform global payments by harnessing the benefits of blockchain technology while tackling its challenges. Despite facing initial regulatory obstacles, PYUSD quickly gained popularity across multiple platforms and countries, offering lower transaction costs than traditional payment methods. However, issues like gas fees and privacy concerns on Ethereum persist. To address these, PayPal is partnering with companies like SAP and EY to integrate PYUSD into existing business systems, enhancing scalability and privacy. Looking ahead, the focus will be on improving interoperability with other blockchains, such as Solana, and adopting privacy-preserving technologies.