PayPal's initiative for a new stablecoin could be a threat to what many crypto evangelists hold dear — decentralization. The announcement of a large American payments firm entering the space is seen as a positive sign in a sector facing regulatory uncertainty and a bear market, but it also renews the debate over centralization.
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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