DEXTools data shows that fake tokens exist Etherium, BNB Chain, Base and other networks. Most are hosted on Ethereum, where the original PYUSD token is issued.
On Monday, August 7, payment processor PayPal announced the launch of its own stablecoin for transfers and payments. The stable coin is backed by deposits of U.S. dollars, short-term Treasury bonds and similar cash equivalents.
Although the tokens are not yet widely available for sale, attackers are breeding fake tokens. The trading volume of one such fake Ethereum token on the Uniswap exchange has already reached $2.9 million.
The original PayPal USD itself was created in November 2022. However, only registered users can conduct transactions with stablecoin.
Recently, cryptocurrency exchange Huobi announced that it will soon flood the PYUSD stablecoin. The trading platform promises PYUSD/USDT trading pairs with zero commission;
PayPal said in February that it was suspending development of its own stablecoin for the time being. The decision was influenced by an investigation by US regulators into Paxos.