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PayPal is trying to drag its 435 million users into the $120 billion stablecoin market — here's why

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The company is entering an extremely crowded market already dominated by stablecoins like tether and USDC. Crypto chief Jose Fernandez da Ponte explains why.

PayPal is entering an extremely crowded market already dominated by stablecoins like tether and USDC. In an interview with CNBC's MacKenzie Sigalos, crypto chief Jose Fernandez da Ponte explained why.Why PayPal? The company already has 435 million users, and understands and complies with regulatory regimes related to moving currency around the world.Watch CNBC's full interview with PayPal's Jose Fernandez da Ponte on the firm's new stablecoinon Monday became the first major U.S.

But the company's chief crypto exec tells CNBC that the payment processor is confident in its timing – and its competitive advantage in the space. "There are inherent advantages in cost, programmability, settlement time," continued da Ponte, adding that the market is primed for new entrants that are fully backed – and unlike tether, fully regulated.denied a Bloomberg report

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