Nansen: Interest in PayPal Stablecoin was below the expected – Bits Media

According to the analytical company Nansen, Paypal Pyusd Steblcoine was much lower, What was expected. Now only a few people are holding PyUSD tokens on their wallets.

The launch of PayPal Stablecoin took place this month as part of cooperation with Paxos. but, Ethereum blockchain was chosen for the release of token, which raised several questions about the applicability of stablecoin for payments - the commission on the network of the second cryptocurrency remains quite high.

Nansen analysts noted, that users are not interested in pyusd, since there are many better famous analogues. However, They think in Nansen, It is quite possible, that PayPal has launched its stablecoin for other purposes, than competing USDT and USDC.

At this moment 90% Pyusd released are still stored on Paxos wallets. 7% Capitalization of Stablecoin is located on Kraken exchanges, Gate.io and Crypto.com. The number of wallets, not related to crypto projects and exchanges, which are stored from above 1 000 PYUSD, does not reach and 10, and at the largest address is kept less $10 000 In Pyusd.

Earlier Bloomberg analyst Jamie Kutts (Jamie Coutts) stated, that the appearance of stablecoin Pyusd will have a large -scale effect on the Ethereum network. but, Until this happened.