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PayPal Releases First PYUSD Transparency Report, Shows Slow Adoption
Payment giant Paypal has shared its first PayPal USD (PYUSD) transparency report with the public. The report comes 39 days after it announced the launch of the stablecoin.
PayPal unveiled its PYUSD stablecoin on August 7. The coin was issued by Paxos Trust Co and fully backed by US dollar deposits, short-term Treasurys and similar cash equivalents. Immediately, there was a 26% spike in PayPal’s shares suggesting investor confidence. However, the spike has failed to translate into significant market adoption.
PYUSD Market Capitalization Suggests Slow Adoption
PayPal has over 350 million active users. Despite this, PYUSD has a current market capitalization of $43.4 million. Comparatively, market leaders USDC and USDT are valued at $83 and $26 billion, respectively.
Again, PYUSD’s trading volume in the past 24 hours stands at $3.1 million whereas $22.1 billion USDT and $3.2B USDC have traded hands withi
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