貝寶的加密演化：從測試水到推出pyusd stablecoin

幾年前，潛入加密貨幣的公司因不確定性而tip腳。快速前進到今天，該系列中以比特幣為中心的產品策略似乎是一個更安全的賭注。

A few years ago, firms diving into crypto were tiptoeing through uncertainty. Fast-forward to today, and a Bitcoin-focused product strategy within the lineup seems like a safer bet.

幾年前，潛入加密貨幣的公司因不確定性而tip腳。快進到今天，陣容中以比特幣為重點的產品策略似乎是一個更安全的賭注。

Take Block, for example. Its early, all-in stance on Bitcoin now seems like a stroke of genius, given that crypto markets are maturing, Bitcoin is reaching new peaks, and a new administration is seemingly opening the door to crypto and Web3.

例如，以障礙為例。鑑於加密貨幣市場正在成熟，比特幣正達到新的高峰，並且新的政府似乎正在向加密貨幣和web3打開大門，因此它對比特幣的早期姿態似乎是天才的中風。

PayPal is another payments firm carving out a spot in the crypto landscape — with a more calculated approach. It has been weaving Bitcoin into its fabric over the past five years.

PayPal是另一家付款公司，在加密貨幣景觀中佔有一席之地 - 採用更計算的方法。在過去的五年中，它一直將比特幣編織到其結構中。

“Several years ago, we began testing cryptocurrency transfers to better understand the technology as it relates to payments and immediately saw the value it could provide,” says May Zabaneh, VP of Product at PayPal.

“幾年前，我們開始測試加密貨幣轉移，以更好地理解與付款有關的技術，並立即看到了它可以提供的價值。” PayPal產品副總裁May Zabaneh說。

“The ability to send a payment over the blockchain in seconds at a fraction of the cost was simply incredible. We needed to explore it further and determine in what capacity we wanted to be involved. That’s when we realized that we wanted to bring this incredibly promising technology to our users.”

“能夠在幾秒鐘內以成本的一小部分在幾秒鐘內向區塊鏈發送付款的能力簡直令人難以置信。我們需要進一步探索它，並確定我們想參與的能力。那時，我們意識到我們想將這項令人難以置信的有前途的技術帶給用戶。”

In late 2020, PayPal took its first crypto leap, letting users buy, sell, and hold select digital currencies within their accounts. By 2024, its stablecoin PYUSD — initially launched on Ethereum — expanded to Solana for faster, lower-cost transactions. PYUSD is now on both Ethereum and Solana. That same year, PayPal extended crypto trading capabilities to business accounts.

在2020年底，貝寶（Paypal）進行了首個加密貨幣飛躍，讓用戶在其帳戶中購買，出售和持有精選的數字貨幣。到2024年，其最初在以太坊上推出的Stablecoin Pyusd擴展到Solana進行更快，較低成本的交易。 Pyusd現在在以太坊和Solana上。同年，PayPal將加密貨幣交易功能擴展到企業帳戶。

We take a closer look at PayPal’s crypto evolution, its applications, and the trade-offs that come with digital currency transactions.

我們仔細研究Paypal的加密演化，其應用程序以及數字貨幣交易所帶來的權衡。

PayPal’s crypto evolution

貝寶的加密演化

PayPal laid the groundwork for its crypto venture by obtaining approvals and engaging with regulators.

PayPal通過獲得批准並與監管機構互動來為其加密貨幣企業奠定基礎。

The firm received a conditional Bitlicense from the New York State Department of Financial Services (NYDFS) in October 2020 and became one of the first companies to receive a full Bitlicense in June 2022. “PayPal chose to become fully licensed because it was the best way forward to offer cryptocurrency services to its users, given the robust framework provided by the NYDFS for such services,” notes Zabaneh.

該公司於2020年10月從紐約州金融服務部（NYDFS）獲得有條件的比重，並成為2022年6月首次獲得全部Bitlicense的公司之一。“ Paypal選擇獲得完全許可，因為這是Zabane for Zabane for Zabane'''''''''''''''''''''''Paypal是向其用戶提供加密框架的最佳途徑。

With regulatory approval in place, PayPal took decisive steps forward each year, as illustrated in this chart:

通過監管部門的批准，PayPal每年都採取了決定性的步驟，如本圖表中所示：

The firm also works with over 25 companies to integrate PYUSD more deeply into the crypto ecosystem. These include:

該公司還與25家公司合作，將Pyusd更深入地集成到加密生態系統中。其中包括：

Crypto solutions for consumers & merchants

用於消費者和商人的加密解決方案

While PayPal focuses on attracting new users, it’s also encouraging its existing consumers and merchants to integrate crypto into their transactions to drive wider adoption.

PayPal專注於吸引新用戶，但它還鼓勵其現有的消費者和商人將加密貨幣集成到其交易中，以推動更廣泛的採用。

For Consumers: PayPal is strengthening its relationship with consumers by offering crypto options and enabling them to put their digital assets to use. Zabaneh explains that consumers can buy, send, or spend crypto through various channels, including:

對於消費者而言：PayPal通過提供加密選項並使他們能夠使用數字資產來加強與消費者的關係。 Zabaneh解釋說，消費者可以通過各種渠道購買，發送或花費加密，包括：

Zabaneh believes payment choice is key. “As with almost anything with payments, consumers and shoppers should be given the choice in how they want to pay,” she says.

Zabaneh認為付款選擇是關鍵。她說：“與付款一樣，幾乎所有的東西，消費者和購物者都應該選擇他們想要付款的方式。”

For Merchants: Last year, PayPal expanded crypto access to business account users, letting them buy, hold, and sell digital assets. For merchants already integrated with PayPal Checkout, this means providing more payment options for consumers — without requiring any additional integration or operational changes.

對於商人：去年，PayPal擴大了加密貨幣訪問業務帳戶用戶的訪問，讓他們購買，持有和銷售數字資產。對於已經與PayPal結帳集成的商家，這意味著為消費者提供更多付款方式 - 而無需任何其他集成或操作更改。

“This provides business owners with the ability to explore and understand cryptocurrency from a trusted brand so they can begin to get comfortable with it as a payment method,” says Zabaneh.

Zabaneh說：“這使企業主能夠從值得信賴的品牌探索和了解加密貨幣，因此他們可以開始將其作為付款方式感到滿意。”

Here’s what happens during a commerce transaction: If a shopper has $60 in their cart and enough BTC or ETH, they can use their crypto just like a balance or credit card. Once the transaction is confirmed, PayPal converts the crypto to fiat and sends it to the merchant. This means merchants never have to handle crypto directly when getting paid.

這是在商務交易中發生的情況：如果購物者的購物車中有60美元，而BTC或ETH則可以像餘額或信用卡一樣使用加密貨幣。確認交易後，PayPal將加密貨幣轉換為菲亞特並將其發送給商人。這意味著商人在獲得付款時不必直接處理加密貨幣。

This method can help businesses receive payments faster, improve cash flow management, and avoid international currency fees.

這種方法可以幫助企業更快地獲得付款，改善現金流量管理並避免國際貨幣費用。

“We plan to continue to deliver more use cases for merchants and consumers around the world,” says Zabaneh.

Zabaneh說：“我們計劃繼續為世界各地的商人和消費者提供更多用例。”

The double-edged sword of crypto payments and how PayPal is working through it

雙刃劍的加密貨幣付款以及Paypal如何通過它運作

While progress with crypto payments continues, certain grey areas still require clearer guidelines, and PayPal is working to address them. Among them are:

儘管加密付款的進展仍在繼續，但某些灰色區域仍需要更清晰的指導方針，而貝寶（Paypal）正在努力解決這些準則。其中包括：

i) Chargeback protections: Traditional credit card transactions come with chargeback rights and fraud protection. Crypto transactions might not have the same level of dispute resolution.

i）退款保護：傳統的信用卡交易隨附拒絕權和欺詐保護。加密交易可能沒有相同的爭議解決方案。

However, Zabaneh sees PYUSD differently, as it is backed by cash and Treasuries and is issued and managed by Paxos Trust Company, a centralized entity regulated by the NYDFS.

但是，Zabaneh對Pyusd的看法有所不同，因為它得到了現金和國債的支持，並由由NYDFS監管的集中式實體Paxos Trust Company發行和管理。

“Within PayPal’s crypto integration, buyer and seller protections remain in place, much like traditional transactions,” Zabaneh says.

Zabaneh說：“在PayPal的加密整合中，買賣雙方保留的保護仍然存在，就像傳統交易一樣。”

She further explains that PayPal maintains the same security and protections that merchants are accustomed to. Additionally, PayPal converting crypto to fiat before settling with merchants also helps reduce the risk of irreversible transactions.

她進一步解釋說，貝寶（PayPal）保持了與商人習慣的相同安全性和保護措施。此外，在與商人定居之前將加密貨幣轉換為法定的PayPal也有助於降低不可逆交易的風險。

“We are actively working to deepen the integration between cryptocurrency and our payments platform to enable a

“我們正在積極努力加深加密貨幣與我們的付款平台之間的整合，以使