- PYUSD is developed on the Ethereum blockchain.
- In terms of market cap, Tether (USDT) is the biggest stablecoin.
Paolo Ardoino, CTO of Tether, gave his thoughts on PayPal’s stablecoin launch. In terms of market cap, Tether (USDT) is the biggest stablecoin. Ardoino maintained that the most recent PYUSD maneuver would not threaten their preeminence.
According to Ardoino, this is because PayPal’s stablecoin (PYUSD) was introduced in the United States, a market in which Tether does not participate. When asked if PYUSD will be introduced to foreign markets, however, Ardoino was optimistic about the sector as a whole.
Based on information provided by accounting firm BDO, Tether Holdings said in its Q2 attestation report that its excess reserves had increased by $850 million, bringing the total to $3.3 billion.
Boost for Crypto Adoption
PayPal, a behemoth in online payments, has entered the cryptocurrency market with the introduction of PayPal USD (PYUSD), a stablecoin tied to the U.S. dollar. Significantly, Monday’s announcement marks the first time a major financial institution has created its own stablecoin.
PYUSD, which was developed on the Ethereum blockchain, will soon be available to PayPal customers in the United States. This will pave the way for several new types of transactions to take place on PayPal. Also, one may use the stablecoin to pay for products and services, send money to other people, and convert to and from any of the cryptocurrencies that PayPal supports.
On the other hand, opportunists are already trying to cash in on the popularity of PayPal’s new stablecoin (PYUSD) by releasing their own, similar tokens. Nearly 30 new token pairings with the similar ticker “PYUSD” have appeared in the hours after the announcement. This is as per the data from the decentralized exchange scanner DEX Screener.
