PayPal has tens of millions of users and has created PYUSD, which is compliant, but its scale is small, relying on massive subsidies, putting it in a difficult position. Now Visa has chosen to partner with USDC. Why doesn't it develop its own? Either it's foolish to pass up a profitable opportunity, or it thinks the costs are too high and developing its own would be foolish. As I mentioned before, many people underestimate the difficulty of creating a new stablecoin and also underestimate CIRCLE's barriers to entry. $CRCL