Paypal USD: Boon for Ethereum but not decentralization, says community
Proponents say PayPal’s PYUSD could see Ethereum become the money layer of the internet, while opponents argue that it’ll act like a poorly designed CBDC. Paypal’s new Ethereum-based stablecoin, PYUSD has been seen as bittersweet news for the crypto community . While it could finally see Ethereum find its place in mainstream adoption, it could also spell trouble for de central ization and personal control of assets, warns the community . The new stablecoin, Paypal USD, was launched on Aug. 7 and is issued by Paxos Trust Co. — the firm behind Binance USD (BUSD). It’s built on Ethereum and “designed for digital payments and Web3,” with the firm saying it will soon be available to United States customers. The launch has been seen as a boon for Ethereum adoption. Ethereum bulls Anthony Sassano and Ryan Sean Adams believe the ERC-20 stablecoin will push the blockchain closer towards becoming the money layer of the internet. This is the Ethereum contract address for PayPal's stablecoin....