– PayPal has launched a new Ethereum-based stablecoin called PYUSD, which has generated mixed reactions from the crypto community.
– Proponents believe that PYUSD could help Ethereum become the money layer of the internet and drive mainstream adoption.
– Critics argue that the stablecoin could undermine decentralization and personal control of assets, comparing it to a poorly designed central bank digital currency.
– The launch of PYUSD is seen as a positive development for Ethereum adoption, as it could potentially onboard millions of users onto the blockchain.
– Some lawmakers view PayPal’s stablecoin as a positive step towards modernizing the payments system.
– However, concerns have been raised about the smart contract of PYUSD, with auditors pointing out potential centralization attack vectors and the ability for PayPal to change the contract at any time.
– Some experts believe that PayPal’s stablecoin could have been better engineered and more gas efficient.
– Despite its centralized nature, Ethereum users have the freedom to choose whether or not to use PYUSD.
– PayPal plans to roll out PYUSD in the coming weeks.
– The price of ETH has remained relatively stable since the announcement of PYUSD.
