Cryptocurrency exchange KuCoin has listed PayPal's PYUSD stablecoin, according to a Friday announcement. This listing is a significant step forward in enhancing the accessibility of the fledgling stablecoin, which is poised to merge the realms of traditional finance and cryptocurrency.
Other recent additions
With its recent listing, PYUSD joins the ranks of other cryptocurrencies on KuCoin, one of the globally recognized crypto exchanges. This follows the stablecoin's earlier listings on several other prominent exchanges including Crypto.com, Bitstamp, and Coinbase.
As reported by U.Today, the red-hot stablecoin was also recently added by the peer-to-peer payments app Venmo. This integration allows select Venmo users to purchase, transfer, and receive PYUSD seamlessly.
A stablecoin in limbo
In spite of new listings, the stablecoin is unlikely to gain a lot of traction for now. According to a report by Bank of America, PayPal’s stablecoin, PayPal USD (PYUSD), despite its potential to enhance payment efficiencies and customer experience, is not expected to see significant adoption in the near term.
The analysts anticipate PYUSD facing adoption hurdles in the long term due to increasing competition from central bank digital currencies (CBDCs) and yield-bearing stablecoins, and potential regulatory challenges, particularly if non-banks are prohibited from issuing stablecoins.
Within the cryptocurrency community, the stablecoin is facing scrutiny over concerns regarding its centralized control and potential vulnerabilities.