PayPal's Cryptocurrency Will Be a Major Competitor for USDT and USDC Giants

The stablecoin market has been on the rise during the third quarter of the year, especially for one in particular: PayPal USD (PYUSD).

During that period, stablecoin dominance in the crypto market increased by 3%, now representing almost 7% of the total. This was partly due to the dominance of the top two assets in the niche, tether (USDT) and USD Coin (USDC), which grew by 1% and 5% respectively. However, the biggest contributor was PYUSD.

This is shown by a new research report by Hashdex, a Brazilian investment firm. “The stablecoin giants continue to grow, but a major competitor is emerging,” the company notes in this regard.

Although PYUSD still has a small capitalization compared to USDT and USDC, it experienced a notable 57% increase in its dominance in the third quarter. #TopCoinsSeptember #IntroToCopytrading #BinanceTurns7 #MarketDownturn