PayPal’s PYUSD struggles with early adoption — Nansen

PayPal recently launched stablecoin PayPal USD (PYUSD) is facing difficulties gaining traction, on-chain information expose. According to findings from blockchain analytics firm Nansen, roughly 90% of PYUSD is currently held in stablecoin company Paxos Trusts wallets.Holdings on crypto exchange wallets stand at nearly 7% of the overall supply, according to the report, with balances on Kraken, Gate.io and Crypto.com. Breakdown of PayPals PYUSD top holders: Source: NansenPayPals stablecoin launching in early August raised high expectations in the crypto market.

PayPal just recently released stablecoin PayPal USD (PYUSD) is facing obstacles getting traction, on-chain data reveal. According to findings from blockchain analytics firm Nansen, roughly 90% of PYUSD is currently held in stablecoin company Paxos Trusts wallets.Holdings on crypto exchange wallets stand at nearly 7% of the overall supply, according to the report, with balances on Kraken, Gate.io and Crypto.com. Breakdown of PayPals PYUSD top holders: Source: NansenPayPals stablecoin debut in early August raised high expectations in the crypto market.