Viewpoint: If PayPal Stablecoin wants to compete fully with USDC, it needs to be listed on cryptocurrency exchanges.

2023-08-07 23:50 (UTC+8)

Odaily News: David Wells, CEO of Enclave Markets, said that PayPal has announced the launch of the stablecoin PYUSD and it is not yet clear what its direct impact on USDC will be. It is worth noting that David Wells previously worked at Paxos from 2017 to 2020, serving as the product lead for USDP and BUSD. Wells believes that PYUSD and USDC may compete for similar customer groups who prefer to use domestically regulated stablecoins rather than offshore ones. However, for PYUSD to compete effectively with USDC, it needs to be listed on major cryptocurrency exchanges. Wells stated, "It is still unclear when/if PYUSD will be listed on major exchanges, so it may focus on cross-platform payment use cases. In the long run, PYUSD may also compete with USDC in terms of market share in the cryptocurrency trading market and potentially in the DeFi market." Anders Helseth, Vice President of crypto research firm K33, agrees with this view, saying, "I think a key factor in the short term is whether any exchanges adopt PayPal's stablecoin." (The Block) As previously reported, PayPal announced the launch of the PayPal USD (PYUSD), a stablecoin for transfers and payments. The stablecoin is issued by Paxos Trust Co. and is backed by US dollars, short-term government securities, and cash equivalents. PYUSD will gradually become available to PayPal customers in the United States.

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