Odaily Planet Daily News JPMorgan said that PayPal's stablecoin PYUSD launched this week may benefit Ethereum by increasing its TVL.
Nikolaos Panigirtzoglou, an analyst at JP Morgan, said: "This may boost the activity of Ethereum and enhance the network utility of Ethereum as a stablecoin/DeFi platform. the Ethereum blockchain (or its L2 platform) for globalization projects.”
Ethereum could further benefit from PYUSD, Panigirtzoglou said, as the stablecoin could fill the void left by BUSD’s $20 billion loss. If PYUSD fills the void, “DeFi TVL will move to the Ethereum blockchain (or its L2 platform),” he added. (The Block)
In yesterday's news, PayPal announced the launch of PayPal USD (PYUSD), a US dollar stablecoin for transfer and payment. The stablecoin is issued by Paxos Trust Co. and is backed by U.S. dollars, short-term Treasury bills and cash equivalents.