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Learning & News => News related to Crypto => Topic started by: sirty143 on March 12, 2024, 03:16:35 AM

Title: Despite Crypto Uptick, Paypal's PYUSD Stays Quiet in the Top Ten Stablecoin Race
Post by: sirty143 on March 12, 2024, 03:16:35 AM
Despite Crypto Uptick, Paypal's PYUSD Stays Quiet in the Top Ten Stablecoin Race

In the last day, the global trading volume has hit $203 billion, with stablecoins accounting for an impressive $133 billion of that total. Among the array of stablecoin assets tied to the U.S. dollar, Paypal’s PYUSD has emerged... See more for yourself here (https://news.bitcoin.com/despite-crypto-uptick-paypals-pyusd-stays-quiet-in-the-top-ten-stablecoin-race/).

Your opinion is greatly appreciated.
Title: Re: Despite Crypto Uptick, Paypal's PYUSD Stays Quiet in the Top Ten Stablecoin Race
Post by: TomPluz on March 13, 2024, 12:07:19 PM


In my view, PayPal is not really good in marketing PYUSD hence it is not getting more business volume despite the fact that we are now in the bullish season. I am suggesting that PayPal works a lot with many big crypto exchanges to include their stablecoin in their rosters of supported coins and not just rely on PayPal prowess itself. We have to remember that PayPal has no real crypto exchange infrastructure hence the use and need for its stablecoin is not really there compared to other leading players in the crypto market. I believe that since PayPal is really an established payment platform, it should have easily pushed PYUSD to the top but this is not the case hence they should take an action now and analyze why this is to. I am also suggesting that they should make an airdrop of PYUSD to all members of this forum as the best way to promote the said digital asset to the masses. Raise your hand if you agree with this good suggestion!
Title: Re: Despite Crypto Uptick, Paypal's PYUSD Stays Quiet in the Top Ten Stablecoin Race
Post by: Z-tight on March 13, 2024, 01:53:55 PM
Stablecoins like usdt, usdc, dai have more demand than pyusd, and i believe they have a larger community as well. I have not heard so much about pyusd and it is also a new stablecoin which was launched in August last year, if paypal puts more effort in promoting this stablecoin, i am sure this will drive demand and contribute to the development of their stablecoin.
Title: Re: Despite Crypto Uptick, Paypal's PYUSD Stays Quiet in the Top Ten Stablecoin Race
Post by: Charles-Tim on March 13, 2024, 11:43:05 PM
There are many stablecoins already. Exchanges favorites are the USDT and the USDC which have the second largest marketcap after USDT. Another which I noticed on exchanges is TUSD and maybe DAI also. The rest are just not main pair and not that common. PayPal came late to launch their own stablecoin and it may not likely have huge marketcap but I think $221 million is good and if it is reputable and not depegged but making people to have trust in it, the marketcap will gradually increase.
Title: Re: Despite Crypto Uptick, Paypal's PYUSD Stays Quiet in the Top Ten Stablecoin Race
Post by: yhiaali3 on March 16, 2024, 08:32:19 PM
Quote from: TomPluz on March 13, 2024, 12:07:19 PM
In my view, PayPal is not really good in marketing PYUSD hence it is not getting more business volume despite the fact that we are now in the bullish season. I am suggesting that PayPal works a lot with many big crypto exchanges to include their stablecoin in their rosters of supported coins and not just rely on PayPal prowess itself. We have to remember that PayPal has no real crypto exchange infrastructure hence the use and need for its stablecoin is not really there compared to other leading players in the crypto market. I believe that since PayPal is really an established payment platform, it should have easily pushed PYUSD to the top but this is not the case hence they should take an action now and analyze why this is to. I am also suggesting that they should make an airdrop of PYUSD to all members of this forum as the best way to promote the said digital asset to the masses. Raise your hand if you agree with this good suggestion!
I'm raising my hand in agreement, I wouldn't mind if they gave me some free stablecoins I'll definitely promote them. ;)

Going back, I think the main reason why PYUSD is not successful is that PayPal is an old, centralized company that is very close to the government, so most of those who work in cryptocurrencies are suspicious of this point. Perhaps because it is one of the old central payment companies, it is difficult for PayPal to quickly shift towards cryptocurrencies.

I also expected PayPal to easily push PYUSD to the top, given that it is a very old and widespread company in all countries of the world, but unfortunately it did not.
Title: Re: Despite Crypto Uptick, Paypal's PYUSD Stays Quiet in the Top Ten Stablecoin Race
Post by: Z-tight on March 16, 2024, 09:24:59 PM
Quote from: Charles-Tim on March 13, 2024, 11:43:05 PM
PayPal came late to launch their own stablecoin and it may not likely have huge marketcap but I think $221 million is good and if it is reputable and not depegged but making people to have trust in it, the marketcap will gradually increase.
I agree with you, there are already established stablecoins that many people 'trust', and to add to that stablecoins are risky, they can be easily frozen and can be depegged, so for people to 'trust' new stablecoins is going to be difficult. Usdt and usdc are already the most popular in the market and it will take pyusd time to get to that level.
Title: Re: Despite Crypto Uptick, Paypal's PYUSD Stays Quiet in the Top Ten Stablecoin Race
Post by: Jating on March 17, 2024, 10:57:21 AM
Competition are very though in the stablecoins as well. And Paypal is kinda late, and most likely crypto enthusiast still remember their anti-crypto scan years ago and so they might have been qualms with them up to this day. Maybe they don't promote it because they are banking on their names already as compare to others. So they should be contented on what is going on with their project, at least it is still on the crypto market and there are still traders that might be using them from time to time.
Title: Re: Despite Crypto Uptick, Paypal's PYUSD Stays Quiet in the Top Ten Stablecoin Race
Post by: hugeblack on March 17, 2024, 11:13:23 AM
Paypal's PYUSD has not gained popularity due to Paypal's strict centralization, which may push users towards more popular solutions such as USDT/USDC/DAI instead of PYUSD. We should not forget that the LUNA shock will make many people move away from investing extensively in new stable currencies compared to the past.

I expect it to have a better share with the beginning of the bear market and the crazy rises.
Title: Re: Despite Crypto Uptick, Paypal's PYUSD Stays Quiet in the Top Ten Stablecoin Race
Post by: Stompix on March 17, 2024, 09:29:36 PM
They did a lot of things wrong
- the step-by-step release with pyusd available just in the US first
- the limitations on PayPal accounts to transfer it to crypto,
- sticking to eth only when even USDT was already seeing the volumes migrating to TRON because of the fees
- wanting to promote it more just as payment coin, that you buy and spend, and not like most stablecoins are actually used


Title: Re: Despite Crypto Uptick, Paypal's PYUSD Stays Quiet in the Top Ten Stablecoin Race
Post by: dkbit98 on March 18, 2024, 05:11:21 PM
Quote from: hugeblack on March 17, 2024, 11:13:23 AM
Paypal's PYUSD has not gained popularity due to Paypal's strict centralization, which may push users towards more popular solutions such as USDT/USDC/DAI instead of PYUSD. We should not forget that the LUNA shock will make many people move away from investing extensively in new stable currencies compared to the past.
I don't think that is the reason why PYUSD has not became more popular.
All other stablecoins are centralized and can be frozen for any reason, even DAI has large percentage of collateral in USDT and USDC.
People just got used to using Tether and it is already available on many blockchains, so nobody want's to change now, and listing everywhere needs time.