{"id":333674,"date":"2023-08-08T18:00:03","date_gmt":"2023-08-08T12:30:03","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=333674"},"modified":"2023-08-08T15:00:50","modified_gmt":"2023-08-08T09:30:50","slug":"how-ethereum-stands-to-gain-from-paypal-usds-launch","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/how-ethereum-stands-to-gain-from-paypal-usds-launch\/","title":{"rendered":"How Ethereum stands to gain from PayPal USD&#8217;s launch"},"content":{"rendered":"<ul>\n<li><em>Paypal launched its stablecoin as an ERC-20 token on the Ethereum network.<\/em><\/li>\n<li><em>Sentiment around Ethereum improved, but price movement remained the same.<\/em><\/li>\n<\/ul>\n<p>Recently, online payment leader PayPal forayed into the digital currency sphere via its own <a href=\"http:\/\/ambcrypto.com\/paypals-us-dollar-dominated-stablecoin-will-be-issued-by-paxos\/\" target=\"_blank\" rel=\"noopener\">stablecoin<\/a>\u00a0named PayPal USD [PYUSD]. The stablecoin will maintain a 1:1 peg to the US dollar and derive its backing from dollar deposits, short-term US treasuries, and cash equivalents.<\/p>\n<hr \/>\n<p style=\"text-align: center;\">Is your portfolio green? <a href=\"http:\/\/ambcrypto.com\/calculator\/ethereum-profit-calculator\" target=\"_blank\" rel=\"noopener\">Check out the Ethereum Profit Calculator<\/a><\/p>\n<hr \/>\n<p>It is worth noting that the stablecoin is an ERC-20 token on the Ethereum [ETH] network. Inasmuch, a growing number of individuals are developing the belief that Ethereum is:<\/p>\n<blockquote><p>&#8220;Slowly but surely becoming a global settlement layer for all types of value.&#8221;<\/p><\/blockquote>\n<p>This transformation is being driven by the platform&#8217;s inherent capabilities and expanding use cases.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">PayPal just announced that they are launching a USD stablecoin, called PYUSD, as an ERC20 token on the Ethereum network<\/p>\n<p>Ethereum is slowly but surely becoming a global settlement layer for all types of value<\/p>\n<p>&mdash; sassal.eth\/acc \ud83e\udd87\ud83d\udd0a (@sassal0x) <a href=\"https:\/\/twitter.com\/sassal0x\/status\/1688539782920740864?ref_src=twsrc%5Etfw\">August 7, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>&nbsp;<\/p>\n<h4>Ethereum has a new &#8220;Pal&#8221;<\/h4>\n<p>The Ethereum network also surpassed the performance of prominent payment entities as of 8 August. According to analyst Tom Wan, Ethereum has successfully settled transactions worth a staggering $33.4 trillion or more since its inception.<\/p>\n<p>Interestingly, stablecoins contributed over 50% of this volume.<\/p>\n<p>Comparatively, in 2022, Visa handled a payment volume of $11.6 trillion, while Ethereum settled a total volume of $12 trillion. Although Ethereum&#8217;s on-chain volume might be slightly inflated due to wallet swaps and speculation on centralized exchanges (CEXes), its role as an impartial settlement layer was evident.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Ethereum has already settled over $33.4T+ On-Chain since genesis. Stablecoin accounts for more than 50% of the volume<\/p>\n<p>Compared to Visa, it has processed $11.6T Payment volume and Ethereum settled $12T total volume in 2022 <a href=\"https:\/\/t.co\/jUM4BeQvmQ\">https:\/\/t.co\/jUM4BeQvmQ<\/a> <a href=\"https:\/\/t.co\/qNo1UOaT3r\">pic.twitter.com\/qNo1UOaT3r<\/a><\/p>\n<p>&mdash; Tom Wan (@tomwanhh) <a href=\"https:\/\/twitter.com\/tomwanhh\/status\/1688736711767941120?ref_src=twsrc%5Etfw\">August 8, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Moreover, according to Wan, the potential of Layer-2 (L2) solutions was promising, as they offer swifter execution and reduced fees, likely leading to increased volume on Ethereum in the future.<\/p>\n<h4>Retail investors show interest<\/h4>\n<p>Not only institutional players, but retail investors also demonstrated a strong interest in ETH. Glassnode&#8217;s data revealed that the number of addresses holding more than 0.01 coins surged to an all-time high of 24,664,304 at press time.<\/p>\n<p>This heightened engagement highlighted Ethereum&#8217;s appeal across various investor segments.<\/p>\n<figure id=\"attachment_333738\" aria-describedby=\"caption-attachment-333738\" style=\"width: 2400px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/F29Fr7LXgAAxNzt.jpeg\"><img decoding=\"async\" class=\"size-full wp-image-333738\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/F29Fr7LXgAAxNzt.jpeg\" alt=\"\" width=\"2400\" height=\"1200\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/F29Fr7LXgAAxNzt.jpeg 2400w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/F29Fr7LXgAAxNzt-300x150.jpeg 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/F29Fr7LXgAAxNzt-1024x512.jpeg 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/F29Fr7LXgAAxNzt-768x384.jpeg 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/F29Fr7LXgAAxNzt-1536x768.jpeg 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/F29Fr7LXgAAxNzt-2048x1024.jpeg 2048w\" sizes=\"(max-width: 2400px) 100vw, 2400px\" \/><\/a><figcaption id=\"caption-attachment-333738\" class=\"wp-caption-text\">Source: Glassnode<\/figcaption><\/figure>\n<hr \/>\n<p style=\"text-align: center;\">Realistic or not, here&#8217;s <a href=\"http:\/\/ambcrypto.com\/calculator\/marketcap\" target=\"_blank\" rel=\"noopener\">ETH&#8217;s market cap in BTC&#8217;s terms<\/a><\/p>\n<hr \/>\n<p>Despite the interest showcased in Ethereum, the price of the cryptocurrency did not see much positive movement. At press time, ETH was trading at $1.833.69.<\/p>\n<p>However, even though the price of ETH was declining, gas usage remained consistent throughout the last seven days, implying that users had actively used the protocol over the last week.<\/p>\n<figure id=\"attachment_333743\" aria-describedby=\"caption-attachment-333743\" style=\"width: 3840px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/Ethereum-ETH-13.58.29-08-Aug-2023.png\"><img decoding=\"async\" class=\"size-full wp-image-333743\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/Ethereum-ETH-13.58.29-08-Aug-2023.png\" alt=\"\" width=\"3840\" height=\"1300\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/Ethereum-ETH-13.58.29-08-Aug-2023.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/Ethereum-ETH-13.58.29-08-Aug-2023-300x102.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/Ethereum-ETH-13.58.29-08-Aug-2023-1024x347.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/Ethereum-ETH-13.58.29-08-Aug-2023-768x260.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/Ethereum-ETH-13.58.29-08-Aug-2023-1536x520.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/Ethereum-ETH-13.58.29-08-Aug-2023-2048x693.png 2048w\" sizes=\"(max-width: 3840px) 100vw, 3840px\" \/><\/a><figcaption id=\"caption-attachment-333743\" class=\"wp-caption-text\">Source: Santiment<\/figcaption><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>Paypal launches a stablecoin on the Ethereum network as an ERC-20 token. Interest from retail investors has grown, and gas usage remains consistent.<\/p>\n","protected":false},"author":73,"featured_media":333764,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[31,32,66,3,4,5825,20],"tags":[],"class_list":["post-333674","post","type-post","status-publish","format-standard","has-post-thumbnail","category-altcoins-news","category-ethereum-news","category-new-news","category-news","category-social","category-stablecoins","category-trading-view"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.3) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>How Ethereum stands to gain from PayPal USD&#039;s launch - AMBCrypto<\/title>\n<meta name=\"description\" content=\"Online payment leader PayPal revealed its entry into the digital currency sphere via its own stablecoin, named PYUSD, on the Ethereum network.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-image-preview:large\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ambcrypto.com\/how-ethereum-stands-to-gain-from-paypal-usds-launch\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How Ethereum stands to gain from PayPal USD&#039;s launch - AMBCrypto\" \/>\n<meta property=\"og:description\" content=\"Paypal launches a stablecoin on the Ethereum network as an ERC-20 token. 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