Investment banking giant JPMorgan claimed that the stablecoin launched by the famous payment services company PayPal will have positive effects on the Ethereum (ETH) network.
JPMorgan analyst Nikolaos Panigirtzoglou told The Block that PYUSD issued by PayPal could trigger upward Ethereum network activity. The analyst said that this move could improve Ethereum's scope of activities as a stablecoin and decentralized finance (DeFi) platform.
In Panigirtzoglou's views, the launch of PYUSD on the Ethereum network could be an incentive for other institutional companies to choose Ethereum or layer-2 (L2) networks as their blockchain if they also issue stablecoins.
In addition, the analyst points out that PYUSD has the ability to fill the $20 billion market gap remaining from the discontinued stablecoin Binance USD (BUSD), produced under the name Binance, and that if this scenario occurs, a total of locked assets will be transferred from Binance Smart Chain (BSC) to the Ethereum network. He underlined that it may cause (TVL) value transfer.
While JPMorgan analysts said that PayPal's entry into this sector will increase the synergy between traditional finance and DeFi, they also emphasized that stablecoin regulations in the USA are not yet completed and may change in the future.
Payment systems giant PayPal launched PYUSD on the Ethereum network on August 7.
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