Opinion: If PayPal's stable currency wants to fully compete with USDC, it needs to be listed on an encrypted exchange

Odaily Planet Daily News Enclave Markets CEO David Wells said that PayPal announced the launch of the stable currency PYUSD, and it is not yet clear what direct impact it will have on USDC. It is reported that David Wells worked for Paxos from 2017 to 2020 as the product leader of USDP and BUSD. Wells said that PYUSD and USDC could compete for a similar customer base that prefers to use regulated stablecoins in the United States rather than offshore stablecoins. But for PYUSD to fully compete with USDC, it needs to be listed on an encrypted exchange. Wells believes, "It is unclear when/if PYUSD will be listed on a large exchange, so it may focus on cross-platform payment use cases. In the long run, PYUSD may also compete with USDC in the market share of encrypted transactions. Compete in the DeFi market." Anders Helseth, vice president of encryption research company K33, agreed, "I think an important factor in the short term is whether there are exchanges that adopt PayPal's stable currency." (The Block) According to previous reports, PayPal announced the launch of PayPal USD (PYUSD), a U.S. dollar stablecoin for transfers and payments. The stablecoin is issued by Paxos Trust Co. and is backed by U.S. dollars, short-term Treasury bills and cash equivalents. PYUSD will be gradually opened to PayPal customers in the United States.