KuCoin Cryptocurrency Exchange has listed PayPal’s PYUSD stablecoin, according to an announcement on Friday. This listing is an important step forward in improving the accessibility of the nascent stablecoin, which is set to merge the realms of traditional finance and cryptocurrencies.
Other recent additions
With its recent listing, PYUSD joins the ranks of other cryptocurrencies on KuCoin, one of the globally recognized cryptocurrency exchanges. This follows previous listings of the stablecoin on several other prominent exchanges, including Crypto.com, Bitstamp, and Coinbase.
As U.Today reported, peer-to-peer payments app Venmo also recently added the red-hot stablecoin. This integration allows select Venmo users to purchase, transfer, and receive PYUSD seamlessly.
A stablecoin in limbo
Despite the new listings, the stablecoin is unlikely to gain much traction for now. According to a report from Bank of America, PayPal’s stablecoin PayPal USD (PYUSD), despite its potential to improve payments efficiency and customer experience, is not expected to see significant adoption anytime soon. .
Analysts anticipate that PYUSD will face adoption hurdles in the long term due to growing competition from central bank digital currencies (CBDCs) and yield-generating stablecoins, and potential regulatory challenges, particularly if non-bank entities are prohibits them from issuing stablecoins.
Within the cryptocurrency community, the stablecoin is facing scrutiny over concerns about its centralized control and potential vulnerabilities.