Jose Fernandez da Ponte, Head of Crypto at PayPal, discusses PayPal's crypto journey, including their motivation for entering the space, available crypto applications, PYUSD stablecoin creation, and strategies for mass adoption of blockchain technology. Topics covered include PayPal's evolution in crypto, PYUSD stablecoin evolution, smart custody solutions, monetization strategies, passing on yield in stablecoins, PYUC integration in DeFi, and the rise of PYUSD in DeFi.

Can we go Bankless using PayPal? We brought on Jose Fernandez da Ponte, the Senior Vice President of Blockchain, Crypto, and Digital Currencies at PayPal and Venmo to help us answer that question. Jose is responsible for driving PayPal’s efforts to bring the utility of crypto-assets and crypto-networks to their hundreds of millions of global consumers.  He also knows a thing or two about how the banking system works and how to fix it. And we also got the SVP of PayPal to say, “DeFi Mullet,” not once, but three times.  *PayPal currently offers crypto services only in the U.S., U.K., and Luxembourg. Venmo is available in the US only. ------ ✨ DEBRIEF | Unpacking the episode:  https://www.bankless.com/debrief-jose-paypal  ------ 🚀 Unlock $1,000+ in Perks with Bankless Citizenship 🚀 https://bankless.cc/GetThePerks  ------ In today’s episode, we cover:  1) What PayPal sees in crypto  2) What PayPal’s 400M accounts can do with crypto today  3) How we get to $1T in stablecoins 4) What’s the role of CDBCs in a world of highly successful stablecoins? Can CDBCs and crypto co-exist? 5) Jose’s contrarian view on crypto regulatory environment in the U.S. and why he sees it as a “glass half full” ------ BANKLESS SPONSOR TOOLS:  🐙KRAKEN | MOST-TRUSTED CRYPTO EXCHANGE https://k.xyz/bankless-pod-q2    🦊METAMASK LEARN | HELPFUL WEB3 RESOURCE https://bankless.cc/MetaMask   👾STADER LABS | ETHX LIQUID STAKING https://bankless.cc/Stader  ⚖️ ARBITRUM | SCALING ETHEREUM https://bankless.cc/Arbitrum   🗣️TOKU | CRYPTO EMPLOYMENT SOLUTION https://bankless.cc/Toku   🎮IMMUTABLE | GAMING ECOSYSTEM https://bankless.cc/Immutable   🛞MANTLE | MODULAR LAYER 2 NETWORK https://bankless.cc/Mantle  ------ TIMESTAMPS: 0:00 Intro 7:55 What a PayPal Dollar Is 11:21 PayPal & Venmo Crypto 16:29 The Crypto Strategy  22:59 DeFi Mullet  27:33 Service Providers  31:24 Is Crypto Useless? 32:30 PayPal’s Crypto Back-End 34:40 How Hard Was PayPal’s Crypto Integration?  36:35 Path to $1T In Stablecoins 40:31 Payments 44:36 Gaming  46:46 Network Integration  49:47 DeFi on PayPal’s Radar?  56:38 What’s Broken About U.S. Banking? 1:01:51 Settlement in the U.S.  1:06:32 Best Digital Cash Society  1:13:10 Stablecoins in the U.S. 1:16:25 Crypto Regulation  1:20:44 Making Crypto More Useable  1:23:30 Closing & Disclaimers ------ RESOURCES: Jose Fernandez da Ponte https://www.linkedin.com/in/jose-fernandez-da-ponte-a46ba81/  Payments and Evolution of Stablecoins Paper https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4425922  ------ Not financial or tax advice. This channel is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This video is not tax advice. Talk to your accountant. Do your own research. Disclosure. From time-to-time I may add links in this newsletter to products I use. I may receive commission if you make a purchase through one of these links. Additionally, the Bankless writers hold crypto assets. See our investment disclosures here: https://www.bankless.com/disclosures 

Jose Fernandez-Deponte, Senior Vice President of Digital Currencies at PayPal, discusses the revolutionary shift to digital payments through stablecoins like USDC. They explore how these innovations can lower transaction costs and enhance efficiency compared to traditional credit cards. The conversation highlights the benefits of stablecoins in international payments, emphasizing their role in facilitating faster transactions and better exchange rates. Fernandez-Deponte shares insights into how this technology can empower small businesses and transform financial operations.