PayPal's launch of the Ethereum-based stablecoin PYUSD has generated mixed reactions within the crypto community. While it presents an opportunity for Ethereum to gain mainstream adoption, concerns have been raised about potential threats to decentralization and personal asset control. The stablecoin, issued by Paxos Trust Co., aims to facilitate digital payments and Web3 applications. Some view this development as a positive step towards Ethereum becoming the monetary layer of the internet.

However, critics highlight the presence of centralized features in PYUSD's smart contract, raising worries about censorship and control. Despite the debate, PayPal's entry into the stablecoin market signifies broader institutional acceptance of cryptocurrencies, revitalizing traditional payment systems. The rollout of PYUSD is expected in the coming weeks, with implications for Ethereum's user base and overall market dynamics.