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 <h2 id="paypal-usd-pyusd-gets-mixed-reactions-from-crypto-industry">PayPal USD (PYUSD) Gets Mixed Reactions From Crypto Industry</h2> 
 <p>PayPal USD (PYUSD) stablecoin issued by Paxos has centralization and security issues, according to its GitHub account. Paxos can suspend authorization and transfer functions for PYUSD in the event of serious security threat. Paxos can also freeze or seize the assets of anyone when required by the government agencies or departments. The AssetProtectionRole function allows the firm to freeze or wipe balance of any account.</p>  
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 <blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
  <p lang="en" dir="ltr">The new Paypal USD stablecoin has an "assetProtection" role which can wipe your balance in two transactions (first `freeze`, then `wipeFrozenAddress`)</p> 
  <p>In smart contract security we call this a "centralisation attack vector" pic.twitter.com/RsmqvsnKvi</p> 
  <p>— pashov (@pashovkrum) August 7, 2023</p>  
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 </blockquote> 
 <p></p> 
 <p>However, <a rel="noopener noreferrer nofollow" title="Paxos" href="https://thebittimes.com/tag/paxos.html">Paxos</a> said the freezing of assets will be rare as it will not perform the freeze operation itself. Similarly USDT and USDC stablecoins also have blacklisting mechanism. Centralization risks caused USDT and USDC to face several market cap loss last year as the community moved to other stablecoins.</p> 
 <p><strong>Also Read: 5 <a rel="noopener noreferrer nofollow" title="PayPal" href="https://thebittimes.com/tag/paypal.html">PayPal</a> Rivals Who May Launch Their Own Stablecoin</strong></p>  
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 <p>Moreover, ERC-20 stablecoin PYUSD is written in Solidity v0.4.24, while the latest version is v0.8.21. Some raised serious security concerns due to more documented bugs in the old version such as z<span class="css-901oao css-16my406 r-poiln3 r-bcqeeo r-qvutc0">ero scale, terrible </span><span class="css-901oao css-16my406 r-poiln3 r-b88u0q r-bcqeeo r-qvutc0">security, and</span><span class="css-901oao css-16my406 r-poiln3 r-bcqeeo r-qvutc0"> known back doors.</span></p> 
 <p>An online poll by Bitcoin on whether the <a rel="noopener noreferrer nofollow" title="PayPal" href="https://thebittimes.com/tag/paypal.html">PayPal</a> stablecoin is Good, Bad or Ugly has received mixed reactions. Nearly 49% voted “Good,” while 17% and 34% selecting “Bad” and “Ugly,” respectively.</p> 
 <p>Jeremy Allaire, CEO of USDC-issuer Circle, <span class="css-901oao css-16my406 r-poiln3 r-bcqeeo r-qvutc0">also congratulated </span><span class="r-18u37iz"><a rel="noopener noreferrer nofollow" title="PayPal" href="https://thebittimes.com/tag/paypal.html">PayPal</a> </span>and<span class="r-18u37iz"> <a rel="noopener noreferrer nofollow" title="Paxos" href="https://thebittimes.com/tag/paxos.html">Paxos</a> </span><span class="css-901oao css-16my406 r-poiln3 r-bcqeeo r-qvutc0">for the launch of </span><span class="r-18u37iz">PYUSD</span><span class="css-901oao css-16my406 r-poiln3 r-bcqeeo r-qvutc0">. He gives credit to regularity clarity with the Payment Stablecoin Act. “It’s incredibly exciting to see such a significant internet and payments company entering the stablecoin space.”</span></p> 
 <p><strong>Also Read: Terra Luna Classic Proposals To Burn 800 Million Tokens Officially Passed, USTC &amp; LUNC To $1?</strong></p> 
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Is PayPal's PYUSD Stablecoin By Paxos Good, Bad Or Ugly For Crypto Industry?

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