PayPal Stablecoin will Benefit Ethereum

Not so long ago, the payment giant PayPal launched its own PYUSD stablecoin, which is backed by the dollar. According to JPMorgan analyst Nikolaos Panigirtsoglu, this may benefit the Ethereum cryptocurrency network, as it will increase the total value of blocked assets. He is quoted by The Block.

What else does the analyst say

The expert believes that thanks to the stablecoin, activity in the Ethereum cryptocurrency network will increase, as well as improve network utility in the form of a platform for stable coins and decentralized financial systems. In other words, he explains that soon more companies will focus on blockchain for the development of their own projects.

The publication writes that the specialist sees additional benefits for Ethereum when filling a stable niche coin, which was formed as a result of the decline of the BUSD stablecoin from Binance, which decreased by $ 20 billion in supply. At the end of winter, the New York regulator demanded that the issuer of the token - Paxos — stop issuing new coins.

The total value of the blocked coins in decentralized finance will be transferred from BSC to Ethereum or its Level II platforms.

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