PayPal’s PYUSD struggles with early adoption — Nansen By Cointelegraph

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, and Uptake among so-called “smart money” investors — a term used to describe well-informed or professional investors — is negligible.

Breakdown of PayPal’s PYUSD top holders: Source: Nansen