[Music] Hey uh thank you all for stopping by. Uh I'm Mek. I lead Devril uh for PYUSD which is PayPal's stable coin pegged 1 is to1 to the US dollar. We are live on the Ethereum mainet on arbitum on Solana and coming on Stellar very soon. So today's goal is uh just to give you like a 101 on what PayPal is doing in the space.
Uh why we decided to start a stable coin of our own. Uh what we really feel the stable coin is going to do for the industry and uh also direct you some um resources that might be helpful if you're building in the hackathon. So let's get right to it. Also feel free to ask any questions um in between. and feel free to just raise your hand and stop me whenever you feel the need.
So, um yeah, so what's PayPal really doing in the space? Um we've been uh in the fintech industry for 20 plus years. Um but we feel that the space is very ripe for innovation. So traditional payments are painful. Uh they take days to settle.
Um there are excessive intermediary fees. Um they require bank accounts and sorry my my presentation is doing something weird. Uh okay there it is. It's back. Um and they are constrained by banking hours.
As for those of you who are familiar with the crypto space, you all know that all of these things sound uh ancient because we uh with the ability that blockchain tech has brought to us can have access to financial um services to um movement of value across different chains um at any point of time 24 by7 irrespective of what day of the week it is. uh without these kinds of crazy fees and intermediaries uh that might cause constraints. Um another very important part that is mentioned here is the need for bank accounts and um we of course uh are not against bank accounts but I think what we feel that blockchain tech uh and and you know stable coins have been able to provide for is financial services to the millions of citizens of the world who are undocumented and who struggle to find uh the right um details, the right documentation, the right information uh and data to get paid. basic access um to financial literacy. Okay, so this is a quote that we really like.
Uh and even this quote is 15 years old. Um so the only thing useful banks have invested in the past 20 years is the ATM. And um if you think about um 1872 was the first wire transfer ever completed. Uh 1950 first credit card ever introduced. 1972 first AC network.
uh and then correspondent banking in 77. So it's been 50 plus years uh since we've been using the same tech stack and the same technologies for financial services that run the world and for the world's greatest economies. So that's what kind of inspired PayPal to get into the crypto space. We felt that it is time to come to the next generation of payments. Um, so here again, just a small network chart of traditional payments and what we think the next generation of payments can look like.
Peer-to-peer, decentralized, controlled by users who can take control of their own money, of their own data, and can be decentralized. So, what are stable coins? Um, I want to assume that everyone here knows it, but we still like to cover it nevertheless. uh stable coins and I'm not going to read the definition here but the best way we like to think about stable coins is it's the best of both worlds. So it gives us all the benefits of cryptocurrencies when you think about the tech uh and the underlying benefits of the chains that you're using and it also gives you the benefit of being stable.
So cryptocurrencies are great. They're a great way to transfer value. They're a great way to transact but they are volatile. So, stable coins and stable coins specially designed for payments like ours uh give you the best of both worlds. They allow you to really um utilize it in real world scenarios.
So, what does this next generation of payments look like? It's fast. It's interoperable. We want to make sure that the stable coin we build is multi-chain is uh has access to bridges while like with partners like layer zero uh and can be used across different structures, different chains and any systems that you would like it to use in your decentralized applications. Um it is inclusive like I was mentioning earlier.
um you don't need to have uh you know crazy levels of documentation just to be able to access your own money. Uh of course that being said we do require some basic KYC elements. Uh but again we feel that this can be simplified. This can be um eased and this can be made much more convenient for um so many of the undocumented cit undocumented citizens that today's banks do not allow. And then finally the next generation of payment rails is 24 by7.
So whether it is um you know 12:00 a.m. on a Saturday night uh you don't have to wait for Monday morning to get access to your um to your funds and to your assets. So PayPal's been here like I said for 20 plus years and those many years ago we were the first ones to take our financial ecosystem from offline to online. And today we are really excited that we can take everyone from online to onchain.
And with that I'd like to introduce you to PayPal USD um pegged one is to1 to the US dollar and um as I was saying earlier available on three chains today and coming very soon on stellar. So for those of you building uh it is available it's as a ERC20 standard token on Ethereum mainet. It's on arbitum as well and it is available on Solana. Um we work with a bunch of different partners who will be able to provide you with any necessary text stacks. So uh if you're looking to bridge it across to your own L1 or uh if you are just trying to do swaps uh please feel free to check out um the layer zero tool set to the team who's here.
Uh if you're of course building your own L1's, you can always use rappers and feel free to come by to our desk to ask us any questions that you may have. Um a little bit more here about PYUSD. Um it's 100% backed by USD reserves. Um it is low cost of course depending on which chain you use. Uh 24x7 interroperable and fast.
We were very um very conscious and very deliberate when we designed this token to ensure that uh we allow for it to be a payments token and a payments focused token. So when you look at the underlying smart contracts, you will see the inclusion of specific features uh that will enable it to be um useful in payments use cases. It is programmable and multi-chain uh fully regulated and approved by the New York DFS. Uh and it is issued by Paxos uh who is our minting authority also regulated by the New York DFS. Um you can buy redeem and transfer uh PYUSD on PayPal and Venmo.
So, if you're looking for an interesting um or or an easy to use rather, if I should say um on-ramp and off-ramp, just pull out your phones, use your PayPal wallets, and you should be able to do it very easily. Um it is of course also supported on all major wallets that any and all eligible major wallets that you have. And finally um because it is a PayPal token and because PayPal takes um regulations compliance the safety and security of our consumers very seriously we do extend uh the same level of um responsibility to our crypto products and to our stable coin. So there is AML transaction monitoring as well. So a little bit more again uh about how we feel PYUSD and stable coins in general are superior to other payment trails.
Um we already spoke about this a bit but I what I want to highlight is that uh for those of you who may not be as familiar last year there was um a data point that was released that showed that the total stable coin volume uh transaction volume surpassed the transaction volume for Visa and Mastercard combined which is a very very uh great metric if you think about it and 2025 has been touted as the year of stable coins and you may have heard of stable coins popping up everywhere and this isn't just any fading trend. We hope that stable coins are here to stay. We hope that they will be looked at as uh another funding instrument, one that's uh faster, easier, uh cheaper, or rather cost-ffective, and uh convenient to use. So for all of you building and hacking, uh we're really really excited to see what you have in mind and what you have uh to show us when you use PYUSD across your DAPs. Um the sky is the limit.
Of course, we encourage responsible usage. Um we have three bounties that we have put up for this hackathon. um these bounties uh have been described uh very purposefully in an open-ended manner so as to not limit you to uh any specific use case. That being said though, like I was explaining earlier, PYUSD is built with payments in mind. It is a payments focused stable coin.
Uh we'd love to see um your payments use cases that have a great consumer experience. We'd also love to see any other innovative use cases that uh and innovative uh ways of using PYUSD that you might think of that we may never have thought of. So we're basically here to learn from all of you uh to see what projects you have and support you through that process. Um here there is um this this QR code will take you to a link tree which has a bunch of developer resources and docs uh that will help you um hopefully through your process. We're all present uh at the uh desk downstairs.
So if you have any questions in real time while you're building, please feel free to stop by. Um and I would also like to introduce you oops did it change? Nope. Uh I'd also like to introduce you to um the Google cloud foret. So as you're building I assume you will need testn net tokens.
Um so Google uh cloud has been a great partner of ours. They have u a web three portal which has a bunch of uh developer resources uh if you need access to um test net tokens. They have their own faucets. Uh they also have uh RPC infrastructure and all the other benefits of Google cloud. So with that um I think we have about five minutes for questions.
Uh so I will wrap up uh and I really hope to see all your projects and we are excited to meet you. So, please do stop by. Uh, check out some of our swag. Um, if you build or if you decide to build with PYUSD and can show us your projects, you could get the school jersey. I I know I'm a little tiny for it, but it might look better on you.
Uh, so yeah, uh, feel free to stop by and let us know if you have any questions, but thank you so much.
Question.
Oh, yeah. Go for it.
So, your KYC, that's just normal PayPal KYC. If they wanted to bid or go to PayPal and Yeah.
KY bank account like there's nothing new.
When you say nothing new, do you mean that it's the same as a bank account?
Like it's it's the same KYC I would have done if I set up my
Yes. Yes. It's
okay.
Yeah.
Yeah.
Personally, um all this experience, all these you've seen, which one is the one that you find most exciting
versus out of what?
Out of all the applications
applications. Um I mean and here I speak for myself uh I am a I am a really big fan of um the underlying tech overall and even far beyond uh cryptocurrencies. Uh and I think the most exciting uh use uh I've seen of decentralized applications is in uh data tokenization uh and decentralized ids. Uh but again that's just my personal opinion. I've also seen stable coins actually be very helpful when you think about data tokenization because um there is hopefully a world at some point in the future where we will be able to tokenize data control our own data um attributes and artifacts and be able to selfmonetize those which is when stable coins and uh storage vehicles like stable coins will really come to use.
speak about data
US.
Yeah, I mean
so I I I mean I and this is again my personal take uh and and not PayPal's because PayPal isn't working on any of that right now. But yeah, I I personally am excited about that.
Yes. So yeah.
So what are the three black and what are you looking for? What is the
perfect so we have
yeah of course um so I'll take those questions one by one. There are two questions here. So for the bounty for this hackathon we have three bounties or three tracks. Um the first one is an overall winner. Uh where we feel like it'll be sort of an amalgamation of the other two which is we want to see uh innovation.
We want to see uh some kind of payments applicability. We want to see a great consumer experience, whether that's UI, whether that's the user journey. So a project that really brings together all these three elements will be the top winner. The other two is like I said sort of the broken up parts of that. So we there might be projects that are extremely innovative but have nothing to do with payments uh but are very out of the box.
Uh so you know those are the projects that would apply for that track. And then we have the best payments consumer app. So uh any use case that focuses on providing great consumer payments experiences is the one that would apply for that one. I hope that answers your question. The second question was about the majority of PYUSD uh if I understood that correctly.
So we've been uh yeah PD's been here for more than uh one and a half year now I want to say uh and we've been expanding to multiple chains. Our goal has always been to be multi-chain to be interoperable across chains. So um yeah it's it's a big organization so we move uh we move uh slowly but um strongly.
Yeah go for it.
So does USD implement the standard? Yes.
Token.
So you can interact with it just like any other.
Exactly.
It's open loop.
And then the other question on that. So what enforces that PayPal have one to one in the reserve for every token. Is that the Paxos?
That's right.
Yep. So I mean what forces it is our choice uh to make sure that uh the token economics maintains the one is to one peg. Uh but yes, Paxos is the minting authority.
Yeah, that was the biggest qual with Tether, right? Which was they could just mint whatever they wanted.
Yeah. No, no, it's it's it's uh you can read more about like the the back reserves uh even on here on the sorry the earlier QR code which has a bunch of documentation. Uh so there's more information on that online.
I don't know if you heard the bill where it's like Okay.
PayPal consider I don't know if you guys are holding it.
Um I don't know if I'm the right person to answer that question but I don't think so.
Thank you. Yeah. If someone need to first use that.
So, uh that's a great question. So, on the PayPal wallet, uh if you're using the wallet, you have to be eligible to hold uh buy and sell crypto. So there might be some eligibility criteria which includes like just basic identity verification that you might need. So yes uh if you have to send it to another PayPal user and to their PayPal wallet then you have to make sure that they are able to accept crypto and to accept PYUSD. But uh if you're using out external wallets um then that that's different then I mean as long as they have a wallet address and they have access to their wallet you should be good.
So if some external so I can send to anyone basically.
Yeah. Yeah, this can be used outside of PayPal. It's it's like any other stable coin.
Yeah. Yeah. Yep. Your PayPal wallet. Uh so if you go into your wallet and once you've you know passed through the steps uh to be eligible to hold crypto, you will be given your own crypto wallet address and then you can use that to do transfers uh and other actions as you would with any other wallet.
Okay. Yeah, sure. Uh how much time do we have?
We can take
Oh, okay. Any other? Oh, sorry. Yes. Is there
um so are you saying as with respect to the hackathon?
Okay. So you're saying do I do we prescribe any like specific entry points for how you how you access PYUSD? So are you talking about like how you on ramp into PYUSD? Um no. I mean, of course, we we recommend PayPal as a great experience for on-ramping uh because we've built it with consumers in mind, but um feel free to uh you know, on ramp to pyd any decks or any wallet of your choice.
Sorry, I didn't I couldn't hear you. Nothing that
um No, not that I believe. Not that I know of.
Okay. Uh, I think we're we're on time, but thank you so much for your questions and for the engagement. And like I said, please feel free to stop by. [Music]
Automatic transcript — names and jargon may be misspelled.