Following the launch of PayPal's recently announced ERC-20 stablecoin, PayPal USD, a number of fake tokens with the PYUSD ticker have appeared on the decentralized exchange (DEX) Uniswap.
PYUSD Will Only Be Accessible Through PayPal, According to PayPal
Following the launch of PayPal's recently announced ERC-20 stablecoin, PayPal USD, a number of fake tokens with the PYUSD ticker have appeared on the decentralized exchange (DEX) Uniswap.
PayPal has verified the genuine PayPal USD ERC-20 contract address through Etherscan, and the actual ERC-20 token was created on Nov. 8, 2022.
Currently, PYUSD/WETH and PYUSD/WBNB are trading pairs on Uniswap that use the PYUSD ticker.
PYUSD will only be accessible through PayPal, according to PayPal, which did not say whether it intended to list on other exchanges like Coinbase or Binance.
However, PayPal USD might be used to send money between PayPal and suitable third-party wallets, and exchanges could accept it, so the stablecoin might eventually appear on DEXs.
The tokens currently trading on Uniswap are likely degens launching memecoins based on recent hot topics, such as Elon Musk’s X and the superconductor LK-99.
