Fraudsters are actively attempting to deceive unsuspecting individuals by exploiting the introduction of the recent dollar-anchored stablecoin of PayPal, known as PayPal USD (PYUSD). They carry out their nefarious ways by releasing counterfeit tokens across various blockchain networks.

As of Tuesday, data from DEXTools reveals that more than 66 counterfeit tokens have emerged on networks such as Ethereum, BNB Chain, and Base. The majority of these bogus tokens have been introduced on Ethereum, where the genuine PYUSD token is established.

The most prominent imitation of the PYUSD token, generated on the Ethereum network, has experienced a remarkable trading volume of $2.6 million shortly after PayPal’s stablecoin launch announcement.

Despite initially rallying by an astonishing 30,000% within the first eight hours, the token’s value has subsequently plummeted by more than 66% from its peak.

PayPal: Foray Into Stablecoins

PayPal, a prominent payment entity headquartered in New York, disclosed its intentions on Monday to make the PayPal USD (PYUSD) stablecoin accessible to its users. This move marks a significant milestone as a major financial institution ventures into creating its own stablecoin.

Users will be able to transfer PYUSD between PayPal and supported external digital wallets, utilizing the tokens for transactions and converting them between PayPal’s endorsed cryptocurrencies and PYUSD.

The market cap of cryptocurrencies is currently at $1.13 trillion. Chart: TradingView.com

PayPal’s announcement not only propelled its shares up by 2.66% on Monday but also showcases its confidence in the cryptocurrency industry, which has faced regulatory challenges over the past year, compounded by high-profile collapses.

Despite the existence of stablecoins, which are crypto tokens linked to stable assets to mitigate volatility, for several years, they have not yet gained significant traction

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Author: Christian Encila

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