- Some of these tokens cannot be sold once purchased.
- At the time of writing, there are about 61 such coins, according to DEXTools.
- Most of them were created on the Ethereum network.
Fake PYUSD stebblecoin tokens have started appearing on several networks. At the time of writing, more than 60 fake tokens have appeared on blockchains such as Ethereum, BNB Chain and Base. Most were issued on Ethereum, where the original PYUSD is deployed, according to DEXTools.
List of fake tokens. Source: DEXTools
23 fake stablecoins are “functioning” on the Ethereum network, Goeril has 18, BNB Chain has 14, Base has 2, and Arbitrum, OKC, and Pulse each have 1 token deployed.
Some of these coins cannot be sold once purchased, while others can be sold at any time.
Coindesk notes that it’s likely that most of the supply of these tokens will be redeemed by their creators upon release, but some developers can quickly withdraw all liquidity in a matter of hours. That could cause prices to plummet even as much as 100 percent.
Reminder, payment service provider PayPal launched its own dollar-backed stablecoin, PYUSD, on Aug. 7.
PYUSD.