August 31 at 12:00 Coinbase crypto exchange carried out the listing “stablecoin” PYUSD from payment giant PayPal.
A PayPal product is labeled “experimental”, which is attached to new coins or tokens with low trading volume.
The stablecoin is supported by the standard Coinbase Exchange platform and the Advanced Trade expert platform. At the first stages, makers will not be charged a commission, for takers it will be 0.1%.
On August 7, PayPal announced the launch of a USD-pegged Ethereum-based stablecoin. The issuer of the coin was Paxos blockchain infrastructure company.
The asset caused a controversial reaction from members of the crypto community. Some felt that PYUSD promotes mass adoption of digital assets, others pointed to the risks of centralization.
Bank of America experts noted that the launch of a “stablecoin” will increase the efficiency of payments and improve the quality of customer experience, but the implementation of the asset is unlikely to be large-scale.
According to Nansen analysts, more than 90% of the PYUSD issue is still on the balance sheet of the issuing company Paxos. Only 7% of the coin supply is in user wallets linked to the Kraken, Gate.io and Crypto.com exchanges.
Member of the US House of Representatives Maxine Waters expressed “deeply concerned” about the launch of PayPal’s stablecoin. She pointed to the absence of a regulatory framework for such assets.
Earlier, JPMorgan analyst Nikolaos Panigirtzoglou said that PYUSD could benefit Ethereum by increasing the total value of funds locked up on the network.
I am an experienced journalist and writer with a career in the news industry. My focus is on covering Top News stories for World Stock Market, where I provide comprehensive analysis and commentary on markets around the world. I have expertise in writing both long-form articles and shorter pieces that deliver timely, relevant updates to readers.