PayPal's new stablecoin initiative is seen as a threat to decentralization, a core principle of cryptocurrencies. However, it also brings potential benefits and renews the debate over centralization in the crypto sector.
was celebrated as a show of crypto might on Monday, with the promise of a large American payments firm entering the space seen as a positive omen in a sector plagued with regulatory uncertainty and ongoing bear market. It's also reigniting the age-oldWhile a well-established fintech with deep web2 roots creating the PYUSD stablecoin could be a long-term, net positive
“PayPal will indeed bolster the perception and acceptance of cryptocurrencies,” zkLend co-Founder Jane Ma told The Block, arguing that PayPal’s reputation for transparency and experience navigating the regulatory landscape automatically lends its PYUSD stablecoin a degree of credibility.“As part of a prominent U.S. financial organization, PYUSD will inherently operate with centralized administrative functions,” said Ma.
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PayPal Launches PYUSD Stablecoin: Guide to What We Know So FarU.S.-based fintech heavyweight PayPal becomes first Web2 major to launch its own native USD-pegged stablecoin. On Aug. 7, 2023, American multinational heavyweight PayPal announced the launch of native stablecoin PayPal USD (PYUSD). This is the first time a Web2 major issues digital assets on a public blockchain. Here is what we know about PayPal USD's (PYUSD) design and the opportunities it unlocks for digital money users.
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PayPal’s PYUSD Launch Sparks Flood of Fake Tokens on UniswapFollowing the launch of PayPal's recently announced ERC-20 stablecoin, PayPal USD, a number of fake tokens with the PYUSD ticker have appeared on the decentralized exchange (DEX) Uniswap. These tokens were created on Nov. 8, 2022. Currently, PYUSD/WETH and PYUSD/WBNB are trading pairs on Uniswap that use the PYUSD ticker. PYUSD will only be accessible through PayPal, according to PayPal, which did not say whether it intended to list on other exchanges like Coinbase or Binance.
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PayPal USD: Boon for Ethereum but not decentralization, says communityIndustry pundits see the launch of PayPal's new USD-pegged stablecoin, PYUSD, as a positive development for Ethereum. However, concerns are raised about centralization due to engineering choices made by PayPal, such as using an outdated version of Solidity and making the contract upgradeable and not gas efficient. Despite being centralized, Ethereum users have the freedom to decide whether to use PayPal's stablecoin or not.
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PayPal launches first dollar-backed stablecoin from a major U.S. financial institutionPayPal on Monday launched a U.S. dollar-backed stablecoin to help facilitate payments as its latest addition to its suite of crypto services.
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PayPal launches stablecoin on Ethereum, citing 'shift toward digital currencies'Silicon Valley-based payments firm PayPal announced it is launching a U.S. dollar stablecoin in conjunction with Paxos.
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Breaking: PayPal Launches Its Own StablecoinPayPal, the renowned global payments leader, has launched its own digital stablecoin, PayPal USD (PYUSD), stepping up its involvement in the cryptocurrency market
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