Eric Sariniki

When discussing PayPal's stablecoin (PYUSD), Sariniki notes it allows them "to experiment with... incentives" and maintain "agency to make those changes instead of having to rely upon somebody else." By launching a proprietary stablecoin, PayPal vertically integrates the settlement layer. Instead of paying fees to Circle (USDC) or banks, they capture the float interest and transaction fees within their own "Venmo loop." This transforms them from a payment gateway into a monetary issuer, improving margin and ecosystem lock-in. LONG. Control over the stablecoin issuance allows for better unit economics on transactions within the PayPal/Venmo ecosystem. Regulatory crackdowns on non-bank stablecoin issuers; lack of adoption compared to ubiquitous pairs like USDC/USDT.