Payment giant Paypal announced the launch of the U.S. dollar stablecoin PYUSD on the 7th of this month, issued by Paxos Trust Company, backed by more than 100% of U.S. dollar cash, U.S. Treasury bonds, and cash equivalents.

Jose Fernandez da Ponte, Vice President of Blockchain, Cryptocurrency and Digital Currency at PayPal, previously pointed out that PYUSD’s vision is to become a channel between legal currency and Web3, and the key is to first gain adoption of PYUSD on major trading platforms. Currently, PYUSD has been listed on the exchange Kraken, with deposit, withdrawal and trading functions open.

Following the exchange Kraken, the American cryptocurrency exchange Coinbase also announced the launch of PYUSD on the evening of yesterday (30th), but a special reminder is that it is currently only supported on the Ethereum network, which means that if PYUSD is transferred to other chains, assets may be lost.

In addition to this, Coinbase also mentioned that trading will begin on or after 9am PT on August 31, 2023, if liquidity conditions are met. Once PYUSD is in sufficient supply, trading on the PYUSD-USD trading pair will start in phases. This move also means that PYUSD has been deployed on 2 mainstream exchanges and is gradually achieving its goal of gaining US market share. It is worth mentioning that the supply of the new stablecoin PYUSD launched by Paypal has increased by 60% in the past 22 days, from approximately 26.9 million PYUSD to 43.3 million PYUSD. It is currently held by a total of 364 addresses and the number of transactions has reached 1,530 pens. However, compared with today's stablecoin giant USDT, PYUSD only accounts for 0.054% of USDT's market capitalization of US$82.79 billion. Although Paypal's brand awareness and infrastructure have certain advantages in Web2 and the US market, PYUSD needs to become a stablecoin. The best among them still has a long way to go. #BTC