But the question is will governments let them? Do you remember what happened to Libra? Regulators saw what Facebook was doing and immediately put a stop at it, this is why bitcoin is decentralized, governments are really good at destroying other centralized institutions including other governments, but when it comes to something decentralized like torrents or bitcoin they know they can do nothing.

So I think any plans PayPal may have of creating a cryptocurrency will have a very strong opposition which will eventually seal their fate as PayPal knows that over the long term they will be unable to compete against bitcoin as it gets more popular.