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September 26, 2023

Bank of America Says PayPal’s Stablecoin Will Not Record Significant Adoption In The Coming Months

At present, Bank of America does not anticipate significant adoption of PayPal’s new stablecoin in the coming months. The bank’s analyst, Rahim McDuffie, believes that PayPal will likely see limited adoption of its stablecoin since its network of users is already limited to its current digital wallet and payment services. Furthermore, McDuffie believes that PayPal’s lack of real-time payment processing capabilities and crypto-focused features will give other stablecoin networks an edge in attracting customers. McDuffie also believes that the success of PayPal’s stablecoin will largely depend on its ability to attract customers outside of its existing user base. He also sees regulatory compliance as a key factor in determining the success of the stablecoin. Ultimately, McDuffie believes that PayPal’s stablecoin will be successful in the long run if it is able to attract more users from outside its existing base.