[Music]
good afternoon can you hear me back
there all good you know when we at
PayPal started thinking about building a
stable coin that was going to form the
basis of a new way to pay it was obvious
to us that it was going to launch as an
erc20 because after all the
programmability the ubiquity the
strength of the developer community and
the breadth and the commitment to
continual Innovation and evolution of
the core made it an obvious choice for
us to launch for a token that we knew
was going to become a global Mass Market
adopted
activity we had this hypothesis that by
combining
the combining the structural advantages
of a open-source distributed
decentralized network with the kinds of
innovations that can run on top of a
foundation of of uh fast secure lowcost
transparent transactions would be a game
Cher for financial services and how we
move money around the world because most
of the time that money moves today using
Technologies and systems like a networks
correspondent Banking and wire transfer
systems that are literally over 150
years
old and when we actually launched in
August of 2023 with PUSD we were pleased
and actually somewhat relieved to find
out that that hypothesis was correct the
ink was barely dry on the virtual sort
of press release that we did before we
started hearing from Regulators from
crypto enthusiasts from press from media
uh and from uh uh normal customers and
and Merchants that we were on to
something and that was especially
interesting because these are not
audiences that typically tend to agree
especially when it comes to things like
crypto
what we found at the time was that the
uh promise of what we were trying to
offer through that was actually quite
interesting and the community started to
follow shortly thereafter and that was
particularly noteworthy for us because
actually the road to launching PUSD for
us was a little bit Rocky at least in
The Last Mile because you see PUSD as a
token is regulated and green lit green
listed by the New York Department of
Financial Services the reserves that we
have
are held bankruptcy remote in a limited
purpose trust in the name of token
holders and both PayPal and paxos our
issuing partner are regulated financial
services companies in the US and
elsewhere and what that meant was that
before we could launch we actually had
to seek a lot of regulatory approvals
and what that meant in turn was that
even though it was widely speculated
that PayPal was working on a stable coin
for some time we couldn't actually talk
about it to anyone until literally the
day before we launched which is not
great from a product launch
perspective fortunately the community
all of you delivered and within a few
hours after launch you could move your
py USD from your PayPal wallet to your
metamask wallet you could explore
transactions using your favorite
blockchain Explorer you can embed PUSD
into your existing environments and daps
our friends over at yellow card
integrated py USD pretty quickly and
they allowed for the movement of funds
from a venmo wallet for example to
Yellow Card in Africa where the cost of
moving money from 100 sorry the cost of
moving $100 from venmo in the United
States to Malawi was 40% less than the
equivalent operation through traditional
payments
rails uh fire blocks integrated it for
businesses so that businesses that
wanted to take advantage of digital
asset payments but we waiting for a
trusted well-known and well understood
Financial brand to be able to get on the
bandwagon could finally do so
in fact in the few weeks after launch
over 150 countries had access to PUSD
through dozens and dozens of Market
participants in
exchanges but of course ethereum isn't
perfect yet anyway right gas fees can be
unpredictable and are known to spike
from time to time the transparency that
we love about ethereum makes it
difficult to perform certain kinds of uh
sensitive Financial transactions like
like payroll or businessto business
where you don't necessarily want to
expose the salaries of all of your team
members or your intimate business
records to the public internet and of
course the ease of use that we talked
about in terms of being able to bring
PUSD online for us meant that it was
easy for scammers to go and create
impostor coins or other kinds of fake
airdrops that would attempt to separate
people from their hard-earned
money and that comes back to all of you
because you are the lifeblood and the
power that actually drives Innovation
and why we are particularly interested
in tracking the eips around things like
extending account abstraction around
faster times to settlement and new
capabilities that are bringing online in
core the things that we need to extend
py USD for payments we're excited by
what's going on the L2 space that allows
us to address some of the scalability
and Performance challenges that I
mentioned earlier and bring new kinds of
tokens uh to light and we're excited in
particular about being able to partner
with the daps the defi applications and
also more importantly for us the trafi
companies that are really uh like sap
and ey that are really set up to create
Market fit for the entirety of global
Commerce and that's one of the reasons
why we are committed to and being proud
to be part of this environment uh we
have announced recently that as part of
that commitment that we've just launched
in conjunction with uh our friends at
paxos and layer zero a bridge that will
allow for the interoperability of py USD
on ethereum to salana uh you can get
that on Galaxy today and we think that
that is going to extend and further
expand the utility and the
interoperability of py USD for both
Commerce and
defi we're just getting started so we
invite you to join us in going and and
revolutionizing digital Commerce through
digital uh assets and and defi thank you
very much thank you Edwin we probably
have time for one to two questions right
now anyone with any question this is
fascinating
sharing any audience one gentleman over
there okay let's let's try this please
catch
uhoh this is the most entertaining part
he watching I know hi um you were
mentioning like uh like business
transactions payroll where privacy is
important uh what's what's your path
what's your road map with pay or USD
what where direct which direction you
see or what you working on to to help
for that yeah so we're working with the
various protocols including um uh the
folks that uh are are part of the
ecosystem to incorporate more of the
Privacy preserving Technologies into the
substrate of both the core and the
application layer of what we're doing
one example of that um I know this is an
ethereum conference one example of that
is that salana has recently implemented
a confidential transfers token extension
which allows for amounts to be masked on
chain and that is actually really
important because that means that
although you can still have the
transparency of seeing that transactions
are occurring things like amounts and
and certain other details are encrypted
and kept uh all away from prying eyes so
that's an example of the kinds of things
that we're working with the rest of the
community and that we invite all of you
to help us support as we really try to
uh optimize these uh protocols for
payments
great one last
question one last
question anyone in the audience one over
here I was hoping to have to throw the
box like into the back yeah no one
raised their hand all right um so just
um you mentioned sap um earlier I
couldn't quite get that can you maybe
speak or elaborate a bit more their
position what you think that's
interesting yeah so sap uh announced uh
a couple of weeks ago maybe about a
month ago that uh PUSD is now a
invoiceable currency in their uh digital
Hub and what that means is that any of
the Fortune 1,000 companies that are
using sap zrp system today can without
changing their back end start to invoice
their customers uh with PUSD and collect
that in through um us or coinbase or
other uh interactions that they may be
uh connected to now what's really
interesting about that is that you know
when we talk about being able to reach
the next billion or two users um habits
die hard and that's especially true in
large Enterprise and so the more that we
can plug into existing systems and
existing ways that CFOs and corporate
treasuries and accountants are working
today the more that we can get that in
there and as an example uh PayPal is now
starting to pay its invoices to
companies like ey with
pyd oh suddenly we have two over there
but we're actually I'm okay let's take
one more uh the gentleman a blue
shirt last one last one it's going to be
a quick one um where are our
box it's over
there yay thank you if you can rate from
1 to 10 how decentralized the token
well as a reserve back token where there
is a single store of value and a trust
uh and as I said a trust account that's
there it's you know that aspect of it is
not decentralized obviously the uh base
level protocols which allow for the
movement on chain are you can move py
USD into you know your own personal
wallets you can uh use them in defi so
on that standpoint um there is
decentralization there but when you get
a reserve back stable coin um there's
always some comp component of
centralization to that thank you thank
you and that a round of applause for
Edwin