"We saw PayPal introduce its stablecoin-that also acts as a stamp of approval," Gavin Michael, the chief executive of Intercontinental Exchange-owned bitcoin custody company Bakkt, said in emailed comments. PayPal's support for bitcoin and crypto in late 2020 helped kick off the latest bitcoin price bull run that catapulted bitcoin to almost $70,000. Nansen pointed to on-chain data that showed some 90% of PYUSD is currently held in wallets controlled by the PYUSD issuer Paxos, with holdings on crypto exchanges accounting for 7% of the total supply and only 3% held by traders. ![]() "On the surface, there's a lack of demand from crypto users for PYUSD when other alternatives exist," Nansen researchers wrote in a report, adding this "might be due to PayPal targeting a different demographic." dollar-pegged stablecoin PYUSD, hoping to succeed where Meta, then Facebook, failed with its own libra-turned-diem stablecoin.Ġ8/28 update: Despite the hype surrounding PayPal's new stablecoin, very few people are using and holding PYUSD in self-custody wallets, according to analysts at crypto data company Nansen-something that could dent enthusiasm for X following in PayPal's footsteps on Wall Street. PayPal, the payments giant Musk's X.com created when it merged with Confinity in March 2000, earlier this month launched a U.S. It will offer low transaction costs (as opposed to credit cards) and monetize user info."Įarlier this month, media reports denied by Musk suggested X could add a trading platform built inside the app as part of a plan to turn the app into a financial-data giant, with Musk going on to say X will never launch a cryptocurrency of its own to rival bitcoin, ethereum, XRP XRP or Musk's "fave" cryptocurrency dogecoin. "Seems to be settling, they tell me, on a new-fangled payment system, updated version of PayPal. Musk "continues to have conversations top Wall Street executives on future of X," Fox Business Network correspondent Charles Gasparino, posted to X. known as Twitter profitable and may be considering making it an "updated version of PayPal"-potentially playing havoc with the price of bitcoin, ethereum, BNB, XRP, cardano, dogecoin, solana and tron. Tesla billionaire and X owner Elon Musk has been desperately trying to make the company formerly.
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