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News Explorer — PayPal's Stablecoin Off to Sluggish Start: Nansen

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Aug 25, 5:54 pm

Blockworks

PayPal's Stablecoin Off to Sluggish Start: Nansen

Despite being backed by PayPal and listed on Coinbase, PayPal's stablecoin PYUSD has struggled to gain adoption in its first three weeks. With a total supply of 47 million tokens, the majority of which have never circulated, PYUSD is primarily held on centralized exchanges. In contrast, other decentralized stablecoins have seen faster adoption, highlighting the importance of finding real-world use cases for stablecoins.

Despite being backed by PayPal and listed on Coinbase, PayPal's stablecoin PYUSD has struggled to gain adoption in its first three weeks. With a total supply of 47 million tokens, the majority of which have never circulated, PYUSD is primarily held on centralized exchanges. In contrast, other decentralized stablecoins have seen faster adoption, highlighting the importance of finding real-world use cases for stablecoins.

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