Payments giant PayPal revealed that it will introduce a stablecoin tied to the US dollar on Monday.

The stablecoin, dubbed PYUSD, can be transferred between PayPal and any compatible external wallets. With the stablecoin, users can pay for purchases and convert the token to any supported cryptocurrency.

As might be expected, PayPal’s decision to join the stablecoin game has drawn significant interest — as well as criticism — from the Web3 community.

In particular, concerns have been raised on social media that PYUSD is, at its heart, a centralized digital asset operated by one of the world’s biggest regulated payments company. In practice, this means that PYUSD tokens can be frozen and seized.