PayPal USD (PYUSD), newly launched stablecoin by US fintech giant PayPal, demonstrates unusual performance in last 24 hours
While the community discusses low demand for PayPal's novel stablecoin and its potential regulatory risks, its trading volume on CEXes has witnessed a surprising upsurge. One exchange is responsible for almost 90% of PYUSD swaps registered in the last 34 hours, CoinMarketCap's data says.In the last 24 hours, trading volume in pairs with PayPal's stablecoin PYUSD unexpectedly jumped by almost 225%. This indicator set a new all-time high above $4.8 million.
As such a spike in trading activity is very sensitive for a low-liquidity asset — PYUSD stablecoin's market capitalization barely exceeds $43 million — PYUSD briefly lost its peg to the U.S. dollar.On Aug. 29, 2023, the price pf PYUSD jumped to $1.05, creating dangerous arbitrage opportunities. By press time, the PYUSD/USD peg almost recovered; the price stabilized at $1.00.
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