PayPal Stablecoin PYUSD is struggling with adoption four weeks into launch despite listing on several major crypto exchanges.

The dollar-pegged stablecoin has a supply of $44.37 million, but less than 20% of this supply has circulated, which means the majority are unreleased.

Only $6.5 Million PYUSD in Circulation

Data from Defillama shows that only $6.49 million PYUSD stablecoin is in circulation presently. This is incredibly low, given that it has been over a month since the stablecoin launched.

Interestingly, this is not its peak circulating supply. The circulating supply peaked at $6.52 million on September 9, suggesting a slight decline over the last 24 hours. Such a decline is not a good sign for a stablecoin in its early stages of adoption.

Read more: What Is a Stablecoin? A Beginner’s Guide

Meanwhile, on-chain data shows that Paxos Treasury, which issued the stablecoin and one unknown address, holds $37.88 million of the total supply. Per Etherscan, 534 addresses, including Paxos treasury, and addresses of centralized exchanges such as Coinbase, BitMart, Gat

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Author: Oluwapelumi Adejumo

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