1. BITBILIHome
  2. Article

Crypto World Welcomes PayPal USD (PYUSD) Stablecoin: Mixed Reactions from the Community

• 183 views

TL;DR Breakdown

  • Huobi Global and BitMart quickly announced support for the newly launched PYUSD stablecoin, with Huobi becoming the first to do so.
  • Despite Paxos backing, the crypto community has concerns about the PYUSD stablecoin’s centralization and potential security flaws in its Solidity v0.4.24 construct.

Description

Huobi Global, a prominent player in the world of crypto exchanges, recently made headlines by announcing its support for the newly launched Paxos-issued PayPal USD (PYUSD) stablecoin. A day after the big reveal by PayPal and Paxos, Huobi became the first crypto exchange to declare its intention to list the PYUSD. A wave of mixed … Read more

Huobi Global, a prominent player in the world of crypto exchanges, recently made headlines by announcing its support for the newly launched Paxos-issued PayPal USD (PYUSD) stablecoin. A day after the big reveal by PayPal and Paxos, Huobi became the first crypto exchange to declare its intention to list the PYUSD. A wave of mixed feelings surged through the crypto community, with many awaiting further announcements from other major businesses.

Contents
hide

1
Huobi Takes the Lead in Listing PYUSD Stablecoin

2
BitMart Joins the Bandwagon

3
Concerns Over Centralization and Security

4
Conclusion

Huobi Takes the Lead in Listing PYUSD Stablecoin

In its official announcement on August 8, Huobi elucidated its intention to initiate the listing with a PYUSD/USDT trading pair, offering a unique proposition of zero handling fees on an ongoing basis. This move is a testament to the exchange’s commitment to building synergistic relations with quality projects and institutions in the sector. The statement from Huobi read, “Huobi has always been committed to maintaining friendly communication with high-quality projects and institutions in the industry to promote the development of the industry jointly.”

The crypto exchange emphasized its plan to initiate trading the PYUSD stablecoin as soon as it garners enough market liquidity. At the moment, the circulation of the PYUSD stands at 26.9 million.

BitMart Joins the Bandwagon

Close on the heels of Huobi, BitMart, another significant name in the crypto exchange arena, pronounced its decision to primary list the PYUSD stablecoin. The exchange’s strategy mirrors Huobi’s, opting to commence trading with a PYUSD/USDT pair. As a show of readiness, BitMart opened its gates for deposits, with the actual trading slated to start on August 8, 06:00 AM UTC. The exchange also indicated that withdrawals would be operational from August 8 at 10:00 AM UTC.

While Huobi and BitMart have taken the lead, other heavyweight crypto exchanges are still on the fence, having yet to declare their stance on the PayPal USD stablecoin.

Concerns Over Centralization and Security

The introduction of the PayPal USD (PYUSD) stablecoin has undeniably created ripples in the crypto world. However, its reception has been mixed. While the backing of Paxos adds a layer of credibility to the stablecoin, several concerns have been raised by crypto specialists and experts.

The most pressing issues revolve around the centralization and security aspects of the PYUSD stablecoin. Paxos, in its capacity as the issuing authority, retains the power to freeze or confiscate the assets of any holder if mandated by governmental bodies. This factor raises red flags for many in the crypto community, known for its preference for decentralized solutions and financial autonomy.

Further intensifying these concerns is the revelation that PYUSD has been constructed using Solidity v0.4.24. This version of Solidity, a prominent language for writing smart contracts, has been criticized for its lack of scalability, dubious security features, and known backdoors.

Many crypto experts are sounding the alarm, advising the community to tread cautiously. Their recommendation leans towards purchasing Bitcoin and opting for self-custody. This approach, they believe, ensures individuals retain full control of their assets without surrendering their financial autonomy to platforms like PayPal, irrespective of the backing from institutions like Paxos.

Conclusion 

The entry of PYUSD stablecoin has added another chapter to the ever-evolving narrative of the crypto industry. As major players like Huobi and BitMart extend their support, it remains to be seen how the broader community embraces or resists this new entrant. The overarching sentiment, for now, is one of cautious optimism, with many awaiting further developments and clarifications.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

文章来源于互联网:Crypto World Welcomes PayPal USD (PYUSD) Stablecoin: Mixed Reactions from the Community

Disclaimers:

1. You are solely responsible for your investment decisions and this info is not liable for any losses you may incur.

2. The copyright of this article belongs to the writer, it represents the writer's opinions only, not represents the site's ones. Not financial advice.

Previous 2023年8月9日 18:51
Next 2023年8月9日 19:40

Related articles

  • Australian government launches consultation to assess ban on “high-risk” AI

    TL;DR Breakdown The Australian government has initiated an unexpected eight-week consultation period aimed at determining whether certain “high-risk” artificial intelligence (AI) tools should be prohibited. The Australian government seeks feedback on strategies to promote the “safe and responsible use of AI,” exploring options such as voluntary ethical frameworks, specific regulations, or a combination of both approaches. The document emphasizes both the positive applications of AI in sectors like medicine, engineering, and law, as well as the potential harms associated with deepfake tools. The Australian government has initiated an unexpected eight-week consultation period aimed at determining whether certain “high-risk” artificial intelligence (AI) tools should be prohibited. This move follows similar measures taken by other regions, including the United States, the European Union, and China, in addressing the risks associated with rapid AI development. On June 1, Industry and Science Minister Ed Husic unveiled two papers for public review: one on “Safe and Responsible AI in Australia” and another on generative AI from the National Science and Technology Council. These papers were released alongside a consultation period that will remain open until…

    Article 2023年6月5日

  • Changpeng Zhao applauds Schiff’s unexpected crypto conversion

    TL;DR Breakdown Peter Schiff surprised many by announcing his involvement in a project centered around NFT art on the Bitcoin blockchain. The project involves collaborating with Market Price, an artist, to create a collection of digital assets called Ordinals. The Taproot upgrade allows users to inscribe various forms of content on individual satoshis, the smallest unit of Bitcoin. In a recent lighthearted tweet, CZ, the well-known figure in the cryptocurrency industry, expressed his delight at Peter Schiff’s unexpected conversion. Schiff, who has long been a vocal critic of Bitcoin and cryptocurrencies, surprised many by announcing his involvement in a new project centered around NFT art on the Bitcoin blockchain. The project involves collaborating with Market Price, one of Schiff’s favorite artists, to create a collection of digital assets called Ordinals, akin to NFTs. This collection will feature the highly anticipated original painting titled “Golden Triumph,” as well as a series of prints and Ordinals inscribed on the Bitcoin blockchain. Although Schiff maintains that he has yet to embrace the crypto world fully, his venture into NFTs demonstrates a growing recognition…

    Article 2023年5月31日

  • Temasek Implements Compensation Reduction for Team Involved in FTX Investment Scandal

    TL;DR Breakdown Temasek, the Singapore state investment fund, has slashed compensation for the team and senior management responsible for its failed investment in collapsed cryptocurrency exchange FTX. FTX and its affiliated trading house, Alameda Research, filed for bankruptcy amid allegations of fraud and misusing funds belonging to customers. Singapore’s renowned state investment fund, Temasek, announced on Monday that it has significantly reduced the compensation of the team and senior management responsible for its ill-fated investment in the collapsed cryptocurrency exchange, FTX. The move comes as a response to the alleged fraudulent conduct and misappropriation of funds by FTX’s former chief executive, Sam Bankman-Fried. Temasek has also initiated an internal review and acknowledged the negative impact on its reputation due to the investment’s outcome. Singapore’s renowned state investment fund, Temasek, announced on Monday its decisive action in significantly reducing the compensation of the team and senior management responsible for its ill-fated investment in the collapsed cryptocurrency exchange, FTX.  This response comes following the disturbing allegations of fraudulent conduct and misappropriation of funds leveled against FTX’s former chief executive, Sam Bankman-Fried. Temasek,…

    Article 2023年6月1日

  • Nigeria’s President-elect Bola Ahmed Tinubu criticizes central bank’s interest policy and announces key economic decisio

    TL;DR Breakdown Nigerian President Bola Ahmed Tinubu criticizes the Central Bank of Nigeria’s aggressive interest rate policy, deeming it “anti-people” and “anti-business.” Tinubu announces the scrapping of the fuel subsidy, a long-standing policy that has significantly burdened Nigeria’s finances. Tinubu emphasizes the need for lower interest rates to stimulate investment and consumer spending while also pledging to review the central bank’s currency demonetization policy. In his inaugural address at Eagle Square, Abuja, Nigerian President Bola Ahmed Tinubu expressed his concern over the Central Bank of Nigeria’s (CBN) aggressive interest rate policy, which he deemed “anti-people” and “anti-business.” Tinubu, who was recently sworn in as the country’s president, emphasized the need for lower interest rates to stimulate investment and consumer spending in Nigeria. Lower interest rates for increased investment and consumer spending Tinubu’s remarks followed the CBN’s decision to raise the benchmark interest rate by 50 basis points. The central bank has defended its policy as necessary to combat rising inflation, which reached a 17-year high of 22.22% in April. However, Tinubu, whose presidential campaign focused on reducing unemployment and boosting…

    Article 2023年6月4日

  • Americans don’t really like the idea of CBDC

    TL;DR Breakdown Despite the prevalence of digital dollars, Americans express hesitation about a Central Bank Digital Currency (CBDC). Twice as many survey respondents oppose (34%) the idea of a CBDC compared to those who favor it (16%). Men, Black Americans, and younger individuals express higher support for a CBDC than their demographic counterparts. Despite the ubiquity of digital dollars in the form of credit cards, debit cards, and various digital platforms, Americans appear to be more hesitant when it comes to the concept of a Central Bank Digital Currency (CBDC), an asset that would bridge citizens and the central bank of the U.S. more directly. Shaky ground: American perspectives on the CBDC The concept of a CBDC doesn’t garner strong support in America, with a recent survey revealing that twice as many respondents were in opposition (34%) to the Federal Reserve offering a CBDC compared to those in favor (16%). Unsurprisingly, a good number of Americans (49%) are yet to take a stance, considering a mere 28% of the population are familiar with CBDCs. Political affiliations show a notable divide,…

    Article 2023年6月16日
TOP