Hey nerds, read this one. They are making the case that Paypal’s stablecoin is safer than their regular deposits, because at least the stablecoin is regulated under the NYS bitlicence, while Paypal’s normal deposits are far less well regulated. (Not as much an endorsement of PayPal’s stablecoin as an indictment of how shitty the rest of their services are…)
I remember the discussion Over There where people were upset over the bitlicense. And now it turns out we think the BitLicense is awesome, only because the alternatives are so much worse. At least the NYS DFS presumes that crypto has some purpose, and isn’t trying to kill it like the SEC is.