The Discord and Telegram admin of the Shibarium channels, Shibarium1, has taken to Twitter to share their take that as soon as the Shiba Inu-based SHI stablecoin is rolled out, it will change the playing field for stablecoins, which PayPal is currently trying to enter with its PYUSD stablecoin.
Community slams PYUSD as heavily centralized
As the news spread about PayPal giant rolling out its native stablecoin, many crypto community members on Twitter started to share a screenshot that demonstrates that the code of this coin allows company engineers to freeze PayPal's clients' crypto balances and then wipe them at will.
IT engineer @0xCygaar has tweeted that PYUSD is written using a very old version of Solidity, and it allows the owner to increase the total supply of the stablecoin, aside from the two "opportunities" mentioned above.
Still, many in the community are welcoming this launch of PayPal stablecoin PYUSD since this marks a massive boost in the adoption of crypto.
What about SHI?
SHI is a stablecoin that the Shiba Inu team is currently working on that has not been released yet.
From time to time, some scam accounts on Twitter write that it has already been launched. On Sunday, lead developer Shytoshi Kusama commented on such a scam post about SHI, stating that the stablecoin has not been launched yet.
Unlike PayPal's centralized stablecoin, the Shiba Inu team is focused on decentralization and protection of digital identity. Therefore, its stablecoin SHI may have a chance of wider adoption.
As for PYUSD, which has been issued on Ethereum, prominent XRP-themed account @RipplePandaXRP tweeted that they expect PayPal to stop this project soon as Ethereum fees are far too high.
I love the fact that @PayPal has launched their stablecoin on #eth because of the massive fees incurred.— 🐼PandaRippleXRP🐼 (@RipplePandaXRP) August 8, 2023
Can’t wait for the news stated that they stop the project due to fees, usability and scalability. 😎#XRPTheStandard