PayPal’s cryptocurrency activities resemble elements of the optimistic forecast for its stock, PYPL. Meanwhile, its stablecoin is finding its audience despite the general skepticism it was met with.
$PYPL is an interesting play, says top DeFi analyst Adam Cochran
PayPal stock PYPL could be an interesting bet despite the pessimism of some investors, says Adam Cochran in his recent thread on X. His crypto companies could contribute to his success.
Starting to purchase cryptocurrencies is a catalyst to be optimistic about the price performance of PYPL. In May 2023, the fintech confirmed that it had $1 billion in cryptocurrency on its balance sheet.
Furthermore, the launch of PayPal’s stablecoin PYUSD should be considered among the positive events for PYPL. As U.Today previously reported, PayPal and Paxos launched a USD-pegged stablecoin on Ethereum (ETH) in early August 2023.
Last but not least, PayPal acts as a withdrawal payment provider for Coinbase; for many non-US jurisdictions it becomes the only “way out” of the first-tier exchange.
Additionally, a strong P2P ecosystem on the Venmo app is another contributor to PYPL’s optimism, the analyst says.
PayPal Stablecoin PYUSD Hits Top League
Among the “non-crypto” catalysts, Cochran cited strong revenue and net income metrics, PayPal’s role in Shopify, Apple Pay, and more.
Meanwhile, PYUSD, PayPal’s new stablecoin, managed to reach $140 million in market capitalization. It is the 15th largest stablecoin by market capitalization, at the time of this publication.
PYUSD is listed on several top-tier CEXs, including Coinbase, Bitstamp, Kraken, and KuCoin, as well as Uniswap and PancakeSwap DEX.
