Coinbase has recently announced it would be adding support for PayPal’s stablecoin.
Less than 50,000 coins are represented in pools on decentralized exchanges.
On-chain data shows that the newly launched PYUSD stablecoin is struggling to acquire adoption. Nansen, 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.
Long Way to Go
The cryptocurrency industry was prepared for PayPal’s 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
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