Why wouldn’t PayPal focus PYUSD liquidity onto Base? 

Combining the Venmo experience with Coinbase Smart wallet seems natural. They win volume/users (on PYUSD) and Coinbase wins on platform provision. 

Feels like this is obvious? Or just dumb?

it isn't obvious. pyUSD reserves are under the custody of Paxos.
https://paxos.com/pyusd-transparency/

also, "venmo" experience is too american. stablecoins mainly have a usecase outside the US when it comes to the "daily life."

plus, coinbase needs to operate in more countries to reach that effect. after all, crypto market cap is but speckle of dust against the tradfi.

you probably don’t think about liquidity enough // it is what it is  // build value, not valuation

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Interesting - I reference “Venmo” experience bc of its ease and virality. Similar to CashApp - which to your point is also very US centric. 

Hmm maybe Plaid then just needs to get onboard with CBSW