PayPal's foray into the stablecoin market with PayPalUSD (PYUSD) has been nothing short of remarkable.
The total market capitalization of PYUSD has skyrocketed to $8 million, marking a staggering 90% growth from its initial value slightly above $2 million at the start of the month.
This meteoric rise can be attributed to its adoption by several leading centralized exchanges.
Notably, Kraken was a significant player, contributing to 90% of PYUSD's trading volume last month.
The surge in supply aligns with the trading volumes, which have amplified fourfold, touching $9.29 million. Since its inclusion on September 7, Huobi has become a dominant force, accounting for 57% of the coin's trading volume.
Currently, PYUSD predominantly trades against other stablecoins such as USDT, USD, and EUR. However, Crypto.com stands out as the sole exchange offering trading pairs with major cryptocurrencies like bitcoin (BTC) and ether (ETH) against PYUSD, though these pairs have yet to gain substantial volume.
The potential for PYUSD's growth is palpable, especially as more exchanges are poised to introduce diverse trading pairs. Launched on August 7, PYUSD is underpinned by dollar deposits and short-term US Treasuries, operating as an ERC-20 token on the Ethereum network.
Could PYUSD be gearing up to challenge USDT and USDC?
While PayPal has some distance to cover, the current trajectory suggests a promising future. If they maintain this pace, PYUSD could indeed emerge as a formidable contender in the stablecoin arena.
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Author: Mark Pippen
London Newsroom
GlobalCryptoPress | Breaking Crypto News
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