PayPal’s PYUSD Confirms Institutional Pivot Towards Web3, Raises Concerns Among Crypto Lovers
Stablecoins are the most secure assets in Web3 because of their stable price which neither depreciates or appreciates in value.
The stablecoin will be issued by Paxos which also is a partner in Binance’s BUSD. The stablecoin will first be issued on PayPal but will also be available in Venmo.
With the arrival of its PYUSD stablecoin, the time frame per transaction will decrease to a few minutes (based on Ethereum).
More institutional interest means a better future for Web3. It would also mean a higher price for noble cryptocurrencies like Bitcoin and Ethereum.
The PayPal’s PYUSD coin is not a decentralized asset, but that was BUSD too.
All of this marks a growing adoption for Web3 technologies but it also increases efforts towards centralization.