PayPal's PYUSD stablecoin is facing early challenges in gaining traction, data from Nansen reveals.
PayPal recently released stablecoin PayPal USD is facing challenges gaining traction, on-chain data reveal. According to findings from blockchain analytics firm Nansen, roughly 90% of PYUSD is currently held in stablecoin issuer Paxos Trust's wallets.
. At the time, it was believed that the stablecoin would boost broader adoption and introduce cryptocurrencies to the masses for the first time. Although the fintech giant has over 350 million users worldwide, only a few have used its stablecoin or held it in self-custody wallets in its first weeks. According to the report, the figures indicate that:
Pools in decentralized exchanges like Uniswap's PYUSD/wETH and PYUSD/USDC represent less than 50,000 tokens. Further analysis of the top individual holders reveals a moderate level of interest, with the first top holder who isn't an exchange or contract holding less than $10,000 worth of PYUSD. According to Nansen, the holder bought the stablecoin after selling three memecoins.
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