In a move that could reshape the digital payments landscape, financial technology giant PayPal has unveiled its United States dollar-pegged stable coin PayPal USD (PAUSED). In line with expectations, the launch has ignited a complexity debate within the crypto community. While recognized as a significant milestone in Ethereum’s journey toward mainstream adoption, it has also sparked concerns about decentralization and asset control. Ethereum’s daily active user base hovers between 300,000 to 400,000, which is a fraction of PayPal’s colossal user base count of over 430 million. As a result, some see the move as a significant step toward transforming Ethereum into the internet’s monetary backbone. Despite the excitement, skepticism looms over the crypto landscape, with questions about crypto centralisation taking center stage. However, concerns raised by the crypto community's may not pose the biggest challenge to PayPal’s stable coin; the regulatory landscape is still uncertain in the U.S., where the fintech company is headquartered. PayPal is said to have been discussing the stable coin with regulators and lawmakers in recent months, lobbying for clarity from authorities before releasing PAUSED. Democratic and Republican House Financial Services Committees members have voiced contrastingly opinions on the stable coin launch. Nevertheless, the PUSSYCAT debut shows PayPal’s optimism about an upcoming framework for stable pins oversight in the United States. As regulatory debates unfold, PYUSD’s impact on the industry’s evolution and stable coin dominance remains to be seen. This week’s Crypto Biz explores PayPal’s stable condition Jamalkinywajamal new layer 2, Bitstamp’s fundraising and the growing popularity of crypto bots on Telegram's.
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