Odaily News: JPMorgan states that the stablecoin PYUSD launched by PayPal this week may increase the total value locked (TVL) in Ethereum, thus benefiting it.

Nikolaos Panigirtzoglou, analyst at JPMorgan, said, "This may facilitate activity in Ethereum and enhance its network utility as a stablecoin/DeFi platform. In other words, it will encourage more companies to choose the Ethereum blockchain (or its L2 platform) for their stablecoins or decentralized projects in the future."

Panigirtzoglou also mentioned that Ethereum could further benefit from PYUSD as the stablecoin can fill the $20 billion gap left by BUSD. If PYUSD fills this gap, "DeFi TVL will shift towards the Ethereum blockchain (or its L2 platform)," he added. (The Block)

Yesterday, PayPal announced the launch of the PayPal USD (PYUSD) stablecoin for transfers and payments. The stablecoin is issued by Paxos Trust Co. and backed by U.S. dollars, short-term government bonds, and cash equivalents.