Following up on AB @_FORAB's comments, I would like to add a few points regarding the current development of PYUSD and its relationship with the cryptocurrency sector, or rather its connection with trading-oriented stablecoins, which is not very significant. From the perspective of trading volume, over 65% of the volume comes from the trading pairs of PYUSD and USDS on Curve. Many may not be familiar with USDS, but it becomes clear when I mention that its predecessor is DAI.

This substantial trading volume, in my view, seems to be driven by stablecoin arbitrage rather than any practical use. Even in the few supported exchanges, the main trading volume is primarily between PYUSD and USDT, with even less usage in DeFi. PYUSD is mainly focused on payments, particularly on PayPal, and even in the e-commerce sector, PYUSD has not yet become a major player for PayPal.

The news on PayPal's official website mentions that through a public API, PayPal or Shopify merchants can choose to join Kite's Agent App Store, making them discoverable by AI shopping agents. Transactions are settled on-chain using stablecoins. I am curious why they would create a new stablecoin instead of using the existing PYUSD, especially since PayPal does not have a strong foundation in stablecoins, and PYUSD is issued by Paxos.

From various observations, I do not believe that Kite will create its own stablecoin; if they do, I would actually find that concerning.

This article is sponsored by #Bitget ｜ @Bitget_zh

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