I'm not sure if it's appropriate to call it competition when it links all of the money stored within the Venmo/Paypal ecosystem directly into crypto. Just another connection from the legacy economy that gives everything more access to frictionless capital streams.

This is not a story about how people are going to want to trade their value into PYUSD and hold it there.
Quite the foil: they want to trade their value into PYUSD and immediately spend it on something else.