Showing that crypto doesn’t sleep, several imposter tokens using the PYUSD ticker have already appeared on the decentralized exchange, Uniswap, hoping to cash in on the hype around PayPal’s newly announced ERC-20 stablecoin, PayPal USD.

A PayPal spokesperson confirmed with Decrypt the real PayPal USD ERC-20 contract address via Etherscan. The token itself was created on November 8, 2022.

Currently, trading pairs on Uniswap using the PYUSD ticker include PYUSD/WETH and PYUSD/WBNB. Both WETH and WBNB are “wrapped” tokens pegged to the market price of Ethereum and Binance Smart Chain, respectively.

The ERC-20 token standard allows developers to create tokens on the Ethereum network. While not all, many of the tokens trading on Uniswap, like PayPal USD, are ERC-20 tokens.

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Author: Jason Nelson

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