There are now two types of PayPal dollars, and one is better than the other

TL;DR: thanks to strong regulation from the state of New York for crypto, and weird and confusing regulation of PayPal across the country, PayPal's stablecoin ends up being invested more conservatively and transparently while providing a stronger claim for customers in the event of PayPal's bankruptcy than a traditional PayPal balance. Not the outcome I would have expected!