The new product has triggered debates around centralization in the crypto space
PayPal, the industry-leading payment platform based in San Jose, California, has officially announced the launch of its own stablecoin, PayPal USD ., significant development marks the company's most prominent step in the cryptocurrency landscape since its initial foray in 2020.
It's expected that the introduction of PYUSD, which is pegged to the U.S. dollar and issued by Paxos Trust, will further promote the use of crypto in mainstream payments given how vast PayPal's user base is. However, the unveiling of this digital asset wasn't without controversy. Some in the cryptocurrency community raised concerns about a potential security issue: the"assetProtection" role within the PYUSD system that reportedly has the capability to freeze and then eliminate an individual's balance.
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