The owner of ProxyAdmin contract controls TransparentUpgradeableProxy upgrade. The owner of TransparentUpgradeableProxy has the authority to configure the parameters of Euphrates and pause/unpuase the whole TransparentUpgradeableProxy contract.
Euphrates smart contract is integrated with Acala on-chain governance, where management of Euphrates such as initializing pools, and adjusting incentive rewards are under the jurisdiction of on-chain governance. With caution and prudence of this new innovation (governance of smart contract via Acala/Substrate on-chain governance), there is a multi-sig setup managed by the Acala Foundation, to pause the contracts in case of emergency. This may also be replaced by on-chain governance as we progress.