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PayPal Stablecoin PYUSD May Cause Massive Ramifications to ETH Ecosystem: Bloomberg Expert

Thu, 08/10/2023 - 13:19
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Yuri Molchan
Analyst explains how PayPal's stablecoin may harm Ethereum in long run
PayPal Stablecoin PYUSD May Cause Massive Ramifications to ETH Ecosystem: Bloomberg Expert
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Crypto market analyst at Bloomberg Jamie Coutts has shared his take on the recently launched Paypal stablecoin PYUSD and the impact it may have on other cryptocurrencies — Ethereum (ETH) in particular.

Coutts focused on the number of people that use PayPal on a daily basis, comparing it to the user base of Ethereum — 435 million active accounts of the former versus one million of active wallets of the latter.

If just 1% of active PayPal users convert their USD balance into PYUSD (that would be the equivalent of $4.35 million) and begin using their stablecoins, this would cause massive ramifications to the Ethereum ecosystem and the ETH token itself.

Even though many within the crypto community, on the X app, have criticized PYUSD as heavily centralized and found out that the code of the stablecoin allows PayPal to freeze and wipe users' crypto balances at will, some still think that the stablecoin is very important for the global adoption of crypto.

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Now, Houbi exchange plans to be the first to list PYUSD on its platform for trading against other cryptocurrencies.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at