Demand for PYUSD is weak, and the total number of addresses holding PYUSD is only 233
Etherscan's data shows that the total number of addresses holding PYUSD is just 233. Nansen said in a note that PayPal's new stablecoin faces weak demand from cryptocurrency users, with PYUSD's issuer, Paxos, holding 90 percent of the circulating supply, writing that "on the face of it, there is a lack of demand for PYUSD among cryptocurrency users when other alternatives exist". PayPal's PYUSD was announced on August 7, and according to Coinmarketcap, there are 47 million PYUSD in circulation. However, according to DeFiLlama, the vast majority never circulate.
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