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> but the fact that PayPal has a bank charter

When did it get one?

2008 in the EU and last year in the US.

Citation needed? I'm not seeing anything indicating PayPal has a bank charter in the US.

I can see that they applied last year but not that they've been approved https://newsroom.paypal-corp.com/2025-12-15-PayPal-Submits-A...

Yes, exactly. It's kind of an... important distinction.