PayPal Stablecoin Gaining Traction in DeFi, But Still Lags Behind Leaders
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PayPal's stablecoin PYUSD is gaining traction, with its use in a Curve liquidity pool boasting $135M in total value locked, making it the 3rd largest on the platform.
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The FRAXPYUSD pool allows traders to swap FRAX stablecoins for PYUSD, enabling use of PYUSD for purchases and remittances on PayPal.
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Since its debut in August, PYUSD volumes are growing but still lag far behind stablecoin leaders USDT and USDC, with $4M daily trading volume.
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PayPal seems to be investing to expand PYUSD's usage beyond payments and into crypto trading activities.
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Frax Finance is exploring potential DeFi integrations with PayPal's payment app to further grow the FRAXPYUSD pool.