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Nansen analysts have noted the low demand for #PayPal's stablecoin
According to Nansen analysts, more than 90% of the total issuance of the #PYUSD stablecoin from the payment giant PayPal is still held on the balance sheet of the company that issues it, #Paxos. Only 7% of the coin's supply is held in user wallets linked to exchanges such as Kraken, Gate.io, and Crypto.com.
Nansen associates the low interest in the asset with PayPal's focus on a different demographic group.
"We observe a lack of demand for PYUSD from cryptocurrency users when there are other alternatives available," the analysts noted. Fewer than ten non-smart contract or exchange holders have more than $1,000 in the stablecoin on their balance sheet.
The largest PYUSD holder in this category holds the equivalent of around $10,000, having purchased the token after selling three different meme coins.
Recall that on August 7, PayPal announced the launch of a US dollar-pegged stablecoin based on Ethereum. The coin is issued by the blockchain infrastructure company Paxos.
The asset received mixed reactions from the cryptocurrency community. Some believed that PYUSD would contribute to the mass adoption of digital assets, while others pointed out the risks of centralization.
According to Nansen analysts, more than 90% of the total issuance of the #PYUSD stablecoin from the payment giant PayPal is still held on the balance sheet of the company that issues it, #Paxos. Only 7% of the coin's supply is held in user wallets linked to exchanges such as Kraken, Gate.io, and Crypto.com.
Nansen associates the low interest in the asset with PayPal's focus on a different demographic group.
"We observe a lack of demand for PYUSD from cryptocurrency users when there are other alternatives available," the analysts noted. Fewer than ten non-smart contract or exchange holders have more than $1,000 in the stablecoin on their balance sheet.
The largest PYUSD holder in this category holds the equivalent of around $10,000, having purchased the token after selling three different meme coins.
Recall that on August 7, PayPal announced the launch of a US dollar-pegged stablecoin based on Ethereum. The coin is issued by the blockchain infrastructure company Paxos.
The asset received mixed reactions from the cryptocurrency community. Some believed that PYUSD would contribute to the mass adoption of digital assets, while others pointed out the risks of centralization.
