I completely understand why I would want paypal as an intermediary in the unlikely case I wanted to send bitcoin to somebody. I think what makes less sense to me is why people who actually like crypto would want paypal.

I want a regulated middleman answerable to democratic legislation. Crypto people (largely) don't.

I guess this is mostly a play that crypto people won't actually care if there's a middleman if it creates some liquidity. That just seems like giving up to me.

>why people who actually like crypto would want paypal

this snippet is everything: "to PayPal, Venmo, as well a rapidly growing number of digital wallets across the world that support crypto and stablecoins"

this is effectively PayPal taking its "closed-loop" payment network, and opening it up to any wallet capable of receiving crypto/stablecoins - which is still a big deal.

your counterparty no longer has to have a PayPal account for you to pay them via PayPal - they can have any crypto wallet and get paid by you - which is in line with much of the crypto vision around global interoperability/payment acceptance/etc. you could compare to Visa/card acceptance as another global payment rail - but the difference here is closer to the difference between global card payments (easy) and global bank transfers (hard)

Easy answer: most people dont arent crypto people but may be open to accepting crypto from crypto people. Aka sending btc to friend/merchant who doesnt have any or vice versa. Crypto people are the small minority

Is your legislation answerable to democracy? Citizens having some power in that case from outside the system could be very useful.

> I think what makes less sense to me is why people who actually like crypto would want paypal.

To pump their stock.

Wait until democratic legislation in the USA starts freezing liberals' accounts.