Ethereum

Stablecoin

<figure> 
 <figcaption>
 Cover image via <a href="https://u.today/" rel="noopener noreferrer nofollow">U.Today</a> 
 </figcaption> 
</figure> 
Crypto market analyst at Bloomberg Jamie Coutts has shared his take on the recently launched <a href="https://u.today/shi-stablecoin-will-be-game-changer-while-paypal-stablecoin-pyusd-is-not-shib-team-member" rel="noopener noreferrer nofollow">Paypal stablecoin PYUSD</a> and the impact it may have on other cryptocurrencies – Ethereum (ETH) in particular. 
Coutts made a focus on the number of people that use PayPal on a daily basis, comparing it to the user base of Ethereum – 435 million active accounts of the former versus 1 million of active wallets of the latter. 
If just 1% of PayPal active users convert their <a href="https://u.today/ripple-cto-defends-paypals-new-stablecoin-security-feature" rel="noopener noreferrer nofollow">USD balance into PYUSD</a> (that would be the equivalent of $4.35 million) and begin using their stablecoins, this would cause massive ramifications to the Ethereum ecosystem and ETH token itself. 
<blockquote class="twitter-tweet"> 
 The <a href="https://twitter.com/PayPal?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">@Paypal</a> announcement is not priced in. <a href="https://twitter.com/hashtag/Paypal?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Paypal</a> has 435M active accounts vs <a href="https://twitter.com/hashtag/Ethereum?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Ethereum</a> L1/L2 Active Addresses 1M.If 1% covert a $ balance to <a href="https://twitter.com/search?q=%24PYUSD&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$PYUSD</a> (4.35M) and begin to use it then the ramifications for the <a href="https://twitter.com/hashtag/Ethereum?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Ethereum</a> ecosystem and <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$ETH</a>, the asset, are massive. <a href="https://t.co/cH3OH9Dmip" rel="noopener noreferrer nofollow">pic.twitter.com/cH3OH9Dmip</a>— Jamie Coutts CMT (@Jamie1Coutts) <a href="https://twitter.com/Jamie1Coutts/status/1689600000135663616?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">August 10, 2023</a> 
</blockquote> 
Even though many within the crypto community on the X app have criticized <a href="https://u.today/us-fed-reacts-to-paypal-stablecoin-pyusd-with-warning-and-restrictions" rel="noopener noreferrer nofollow">PYUSD</a> as heavily centralized and found out that the code of the stablecoin allows PayPal to freeze and wipe users’ crypto balances at will, some still think that the stablecoin is still very important for the global adoption expansion of crypto. 
Now, Houbi exchange plans to be the first who will list PYUSD on its platform for trading against other cryptocurrencies.

PayPal Stablecoin PYUSD May Cause Massive Ramifications to ETH Ecosystem: Bloomberg Expert

U.Today

Other articles published on Aug 10, 2023

OKX to List Render ($RNDR)

Is Ripple’s XRP Preparing For A Heavy Selloff? Here’s What To Expect From XRP Price Next

Monero and OKB Sees A Dip As Holders Jump Towards The Highly Anticipated Pomerdoge Presale

XRP Listed by Gemini After Recent Ripple Victory in Court

GM Stock Price Detours From Uptrend; Fall Continues Since Earnings

Lucky Roo Casino

Join our free newsletter for daily crypto updates!