PayPal (NASDAQ:)’s recently released stablecoin PayPal USD is facing challenges gaining traction, on-chain data reveals. According to findings from blockchain analytics firm Nansen, roughly 90% of PayPal USD (PYUSD) is currently held in stablecoin issuer Paxos Trust’s wallets.
Holdings on crypto exchange wallets stand at nearly 7% of the total supply, according to the report, with balances on Kraken, Gate.io and Crypto.com. Uptake among so-called “smart money” investors — a term used to describe well-informed or professional investors — is negligible.
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