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- Coinbase has recently declared it will be adding support for PayPal’s stablecoin.
- Fewer than 50,000 coins are represented in pools on decentralized exchanges.
On-chain analytics indicate that the newly introduced PYUSD stablecoin is facing difficulties in gaining traction. Nansen, a blockchain analytics firm, estimates that approximately 90% of PYUSD is currently held in the wallets of its issuer, Paxos Trust.
The analysis suggests that Kraken, Gate.io, and Crypto.com collectively hold about 7% of the total supply. There is a low level of acceptance among sophisticated investors, often referred to as smart money.
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The cryptocurrency sector was ready for the launch of PayPal’s stablecoin in early August. Stablecoins were anticipated to enhance cryptocurrency adoption and extend their reach to a broader audience. Despite the financial giant having 350 million users worldwide, only a minor fraction has actually engaged with or stored its stablecoin in self-custody wallets to date.
Fewer than 50,000 coins are represented in liquidity pools on decentralized exchanges such as Uniswap’s PYUSD/wETH and PYUSD/USDC. Interest appears to be limited, as the largest holder outside of exchanges or contracts possesses less than $10,000 worth of PYUSD, based on an analysis of the top individual holders.
Additionally, fewer than ten holders (excluding contracts or exchanges) are reported to have a balance of $1,000 or more. PYUSD has been in circulation for just over three weeks, which accounts for its relatively low adoption rate. There was no prior announcement regarding its impending launch before it became available.
Conversely, providing a significant boost, cryptocurrency exchange Coinbase has announced it will be adding support for PayPal’s stablecoin, PYUSD. This marks the second major U.S.-based exchange to adopt the cryptocurrency within a week.
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