U.Today - PayPal (NASDAQ:PYPL)'s cryptocurrency-related activities look like the elements of the optimistic forecast for its stock, PYPL. Meanwhile, its stablecoin finds its audience despite the general skepticism it was met with.
$PYPL is interesting play, top DeFi analyst Adam Cochran says
PayPal's stock PYPL might be an interesting play despite the pessimism of some investors, Adam Cochran says in his recent thread on X. Its crypto ventures might contribute to its success.Starting crypto purchasing is one catalyst for being bullish on PYPL's price performance. In May 2023, the fintech confirmed having $1 billion in crypto on its balance sheet.
Also, the launch of PayPal stablecoin PYUSD should be considered among the positive events for PYPL. As covered by U.Today previously, a USD-pegged stablecoin on Ethereum (ETH) was launched by PayPal and Paxos in early August 2023.
Last but not least, PayPal acts as a cashout payment provider for Coinbase (NASDAQ:COIN); for many non-U.S. jurisdictions it becomes the only "exit" from the top-tier exchange.
Also, a strong P2P ecosystem in the Venmo app is yet another contributor to PYPL's optimism, says the analyst.
PayPal stablecoin PYUSD makes it to top league
Among "non-crypto" catalysts, Cochran mentioned strong revenue and net income indicators, the role of PayPal in Shopify (TSX:SHOP), Apple (NASDAQ:AAPL) Pay and more.Meanwhile, PYUSD, PayPal's new stablecoin, managed to achieve $140 million in market capitalization. It is the 15th largest stablecoin by market cap, as of press time.
PYUSD is listed by a number of top-tier CEXes, including Coinbase, Bitstamp, Kraken and KuCoin, as well as by Uniswap and PancakeSwap DEXes.