Wednesday, November 29, 2023

PayPal cryptocurrency has grown 90% so far in September

Key facts:
  • Kraken and Huobi are arguing for the first place in the trading of this cryptocurrency.
  • Currently, PYUSD is traded against BTC, ETH, USDT, dollar and euro.

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The market appearance of PayPalUSD (PYUSD), the stablecoin of the company PayPal, currently leaves favorable figures in terms of market capitalization, according to the research of the analysis company CCData.

As of September 19 (the deadline for the CCData study), the total market value of the stablecoin stood at $8 million. This is an increase of 90% since the beginning of the month, says the study.

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In addition, “in August, the trading volume of PYUSD reached 2.12 million dollars,” shows the company’s document.

This is all because of the many centralized exchanges that include stablecoins. For example, in Kraken recorded 90% of trading volumes Last month.

However, September was even better, as trading volumes more than quadrupled, reaching $9.29 million. Huobi has represented 57% of volumes since it added the asset to its platform on September 7.

Currently, PYUSD is only traded on some exchanges against USDT, USD and EUR. is the only cryptocurrency exchange includes trading pairs with bitcoin (BTC) and ether (ETH) against the PYUSD stablecoin, but volumes in these pairs “remain low,” CCData says.

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The study considers it likely that PYUSD trading volumes “will increase as more trading pairs are included.”

PYUSD is a stablecoin launched on August 7, as reported by CriptoNoticias. The digital currency is fully backed for dollar deposits and US Treasury bonds short term. On a technical level, it is an ERC-20 token (that is, from the Ethereum network).

For the development of cryptocurrency, the famous payment company cooperates with the company Paxos, which has a lot of experience in issuing these products.

Nation World News Desk
Nation World News Desk
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