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A Major Move by PayPal Sparks Mixed Reaction
PayPal's recently announced PYUSD, an Ethereum-based stablecoin, has caused commotion in the cryptocurrency world. Many optimists, such as Anthony Sassano and Ryan Sean Adams, believe that the move signifies a leap toward mainstream acceptance of Ethereum.
However, observers appear divided over the effects of PayPal's latest innovation. While PayPal USD (PYUSD) stands to improve convenience and reliability with its backing by the US dollar, critics warn that the development threatens to further centralize the sector.
For example, Sarah Hodder, a digital asset lawyer, likened this new form of cryptocurrency to a central bank digital currency tout with censorship capabilities. Added to this, a smart contract auditor explained that PayPal can modify PYUSD's smart contract anytime, raising questions about security and control.
Surge in Activity Among Telegram Chatbots
Elsewhere in the cryptocurrency landscape, Telegram chatbots are becoming pivotal figures. Recent data from trading titan Binance suggests that bot operations have driven voluminous trading on the platform.
In early August, cumulative trade volumes performed by bots hit a record $190 million, and single-day trade volume achieved a staggering $10 million on July 23. Jie Xuan Chua, the author of this citation, envisages a distinct role for bots in the emerging crypto landscape, given the convenience they provide to traders for execution of transactions.
Moreover, Telegram bots now offer more than just crypto trading. Interestingly, traders can also take advantage of airdrop farming and automated token operations.
Breakthrough: PayPal Unveils PYUSD Stablecoin for Payment
In a bold move, PayPal rolled out a new stablecoin, PYUSD. Paxos Trust Co., the issuer of this coin, guarantees it will be fully backed by US dollar deposits, or similar value in short-term Treasury bonds.
PayPal's recognition of evolving regulatory norms in the US appears to have driven its decision. The company believes that consumers are yearning for a fresh stablecoin option, separate from what is currently on offer.
Going forward, users can look forward to being billed in PYUSD for various purchases, paving the way for seamless transactions between PayPal and Venmo.
As always, potential investors are urged to conduct thorough research and consider the inherent risks involved before proceeding with any investment or trading maneuvers.
