PayPal stablecoin launch sparks wave of fake PYUSD tokens
Less than 16 hours have passed since the launch of PayPal’s new stablecoin (PYUSD), and opportunists, degens and potential scammers are already attempting to cash in on the hype with their own copycat tokens.
According to data from decentralized exchange scanner DexScreener, nearly 30 new token pairs sporting the ticker “PYUSD” have cropped up in the 16 hours since the announcement.
Today, we’re unveiling a new stablecoin, PayPal USD (PYUSD). It’s designed for payments and is backed by highly liquid and secure assets. Starting today and rolling out in the next few weeks, you’ll be able to buy, sell, hold and transfer PYUSD. Learn more https://t.co/53RRBhmNHx pic.twitter.com/53ur2KmjU7
The look-alike tokens have been minted on a variety of different chains including Binance Smart Chain, Ethereum and Coinbases’ newest layer 2 Base.
It’s important to note that the real PayPal USD token was created in November last year, and can be verified at the following contract address.
PayPal explicitly stated that PayPal USD could only be sent between verified PayPal and other compatible wallets, making it extremely unlikely that any of the tokens listed with the same ticker on UniSwap or any other decentralized exchange are the real thing.
The largest imposter PYUSD token, minted on Ethereum, has seen a staggering $2.6 million in trading volume since its inception just minutes after PayPal announced the launch of their stablecoin.
Despite surging more than 30,000% in the first eight hours, the token has since plummeted more than 66% from its all time high.
One particular token made a slightly humorous take on PayPal’s stablecoin, opting for the name “PepeYieldUnibotSatoshiDoge.” The imposter token has gained more than 3,000% in the last 4
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