PayPal’s stablecoin is facing sluggish demand from crypto users: Nansen

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By BitcoinWiki News

Key Takeaways:

– PayPal’s new stablecoin, PYUSD, is seeing low usage and holdings in self-custody wallets.
– Nansen reports that there is a lack of demand for PYUSD among crypto users, potentially due to targeting a different demographic.
– PYUSD is issued on the Ethereum blockchain, raising concerns about high transaction fees.
– “Smart money” holders are avoiding the stablecoin, with Paxos holding over 90% of the supply.
– Exchanges Kraken, Gate.io, and Crypto.com hold just over 7% of the supply.
– Less than ten non-contract or exchange holders have balances of more than $1,000 in PYUSD.
– PayPal has not responded to requests for comment.
– This information is for informational purposes only and not intended as legal, tax, investment, financial, or other advice.
– BTC and Bitcoin are not mentioned in the given article.


PayPal’s new stablecoin, PYUSD, has not gained much traction among crypto users, according to data firm Nansen. The lack of demand might be due to the fact that PayPal is targeting a different demographic. Additionally, the stablecoin’s issuance on the Ethereum blockchain has raised concerns about high transaction fees. “Smart money” holders seem to be avoiding the stablecoin, with Paxos still holding over 90% of the supply. Exchanges like Kraken, Gate.io, and Crypto.com hold just over 7% of the supply. Only a few non-contract or exchange holders have balances over $1,000, with the top holder having less than $10,000. PayPal has not yet responded to inquiries regarding this matter.

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