Stablecoin

Trillion

<ul> 
 <li>&nbsp;Coinbase has recently announced it would be adding support for PayPal’s stablecoin.</li> 
 <li>Less than 50,000 coins are represented in pools on decentralized exchanges.</li> 
</ul> 
On-chain data shows that the newly launched PYUSD stablecoin is struggling to acquire adoption. <a href="https://www.nansen.ai/" target="_blank" rel="noopener noreferrer nofollow">Nansen</a>, a blockchain analytics company, estimates that around 90% of PYUSD is kept in the wallets of stablecoin issuer Paxos Trust at the present time. 
The research claims that Kraken, Gate.io, and Crypto.com wallets have a combined total of approximately 7% of the entire supply. Acceptance among smart money investors, a phrase for sophisticated or professional investors, is low. 
<h3 class="wp-block-heading" id="h-long-way-to-go">Long Way to Go</h3> 
The cryptocurrency industry was prepared for <a href="https://thenewscrypto.com/ledger-teams-up-with-paypal-offering-on-ramp-solution/" target="_blank" rel="noopener noreferrer nofollow">PayPal’s</a> stablecoin launch in early August. Stablecoins were expected to increase cryptocurrency acceptance and promote them to a wider audience. In spite of the financial behemoth’s 350 million users throughout the globe, only a small percentage have actually utilized or held its stablecoin in self-custody wallets so far. 
Less than 50,000 coins are represented in pools on decentralized exchanges like Uniswap’s PYUSD/wETH and PYUSD/USDC. There seems to be a minimal degree of interest, since the biggest holder who is not an exchange or contract has less than $10k worth of PYUSD, according to an examination of the top individual holders. 
Furthermore, less than ten holders (not including contracts or exchanges) are shown to have a balance of $1,000 or more. PYUSD has just been in circulation for a little over three weeks, therefore the adoption rate is understandably low. There was no notification of its impending release before it went live. 
On the other hand, providing a major boost, cryptocurrency exchange <a href="https://thenewscrypto.com/coinbases-base-blockchain-makes-waves-with-5x-scaling/" target="_blank" rel="noopener noreferrer nofollow">Coinbase</a> has announced it would be adding support for PayPal’s stablecoin, PYUSD. With this move, a second major U.S.-based exchange has adopted the cryptocurrency in the span of a week. 
Highlighted Crypto News Today: 
<a href="https://thenewscrypto.com/pepe-team-addresses-10-trillion-fund-transfer-and-recent-dump/" target="_blank" rel="noopener noreferrer nofollow">PEPE Team Addresses 10 Trillion Fund Transfer And Recent Dump</a>

PayPal’s PYUSD Stablecoin Faces Adoption Challenges

Table of Contents

TheNewsCrypto

Other articles published on Aug 26, 2023

Shiba Inu’s Burn Rate Skyrockets By Over 300% In 24 Hours

US Treasury Unveils New Crypto Tax Reporting Rules to Curb Evasion

Let’s Take a Dive Into Amazon Stock Technicals & Fundamentals

Anticipating Bitcoin’s Next Halving Cycle: Here’s What Traders Can Expect For BTC Price

FTX Freezes User Account on Claims Portal to Mitigate Kroll Hack

TONCOIN Crypto Price Prediction: Will TON Hit $2 In 2023?

Join our free newsletter for daily crypto updates!