PayPal becomes first major fintech to launch dollar-backed stablecoin

[tread93]

Wow somehow I missed this alert, but then again it has been a crazy wild month and a half for me. Pay Pal launching a stable coin I'd say is very bullish for crypto. I wonder what affect, if any this will have on BTC and other altcoins as a whole in terms of fund movement to and from their stable coin. Will PayPal try to reinvent itself and become a US crypto exchange?

[fillippone]

Nansen, a sort of Bloomberg for cryptos, did some research and found that the Stablecoin received little interest from investors and users:

PayPal's new stablecoin facing sluggish demand from crypto users, Nansen says

Main finding by Nansen:

• Paxos still custodying more than 90% of PYUSD supply.
• Less than ten holders that aren't contracts or exchanges have balances of more than $1,000.
• The top holder in that category has less than $10,000 and bought the token after selling three different memecoins

I  thought we could have been in a better scenario at launch, but the race for adoption is a very long one.