PayPal, which issued a stablecoin for the first time last month after listing the cryptocurrency in October 2020, published its first report on PYUSD.
From the company’s report it seems that OYUSD still has a long way to go. In a world where USDT had a market cap of over $80 billion, the figure for PYUSD was only $43.8 million. The company also has $45.3 million in reserves for its stablecoin. In other words, the company has about $1.5 million in excess reserves.
PayPal’s reserves are held by Paxos, the company that issued PYUSD. Paxos is also the company responsible for USDP and BUSD. It was written that most of the reserves were in US bonds.
The total market value of stablecoins had fallen significantly, especially after the Terra Luna crash in May 2022. UST, Terra Luna’s algorithmic stablecoin also experienced a hundreds-of-fold decline. The stablecoin market is currently valued at around $130 billion.
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