This is something I figured out and just wanted to share as I didn’t find anything related here.
With the update of Padshop to version 2.1 you will get the new protection without USB-dongle, but you will also lose the VST2-plugin. Unfortunately Steinberg somehow forgot to mention this rather crucial information in the release-notes.
This is especially bad if you use this instrument in other DAWs that are not able to detect (or even handle) the replacment of a VST2-version of a plugin by the VST3 -version.
Luckily the old version is still available on the Cubase 11 -download-site: Cubase Pro 11 Downloads | Steinberg
But keep in mind that this version requires the USB-dongle for copy-protection.