News

Market Value of PayPal’s Stablecoin PYUSD Surpasses $500M

single-image

In a brief period, the supply of PYUSD, the US dollar-denominated stablecoin from payment giant PayPal, surpassed half a billion dollars.

CryptoCaster Quick Check:

August 2023 saw the debut of PayPal’s US dollar-pegged Stablecoin PYUSD in collaboration with custody company Paxos. The market supply surpassed half a billion dollars very quickly.

Stay in the know on crypto by frequently visiting Crypto News Today

After Solana’s Expansion, PayPal’s Stablecoin’s Market Cap Exceeds $500 Million

By the end of 2023, the quantity of PYUSD in circulation had increased to 230 million. According to DeFiLlama data, since then, the total quantity of stablecoins has more than doubled and this month it surpassed 500 million.

Over the last month, there has been a significant surge in stablecoin supply, with an increase of 97% from 270 million to over 533 million as of June 26th. This development has positioned PayPal as one of the top ten stablecoin issuers, with Tether leading the market with a supply exceeding $112 billion.

Advertisement

The growth of PYUSD can be attributed to its integration with the Solana network back in May. As of now, Solana has accommodated around 134.5 million PYUSD tokens, representing 25.2% of the total supply.

Advertisement

Around 399 million PYUSD stablecoins are currently in circulation on the Ethereum blockchain. The stablecoin’s presence has been noted on various platforms, including centralized exchanges like Crypto.com and decentralized finance protocols such as Curve and Frax. This widespread adoption has played a significant role in the growth of PYUSD over the last year.

Nansen’s on-chain data indicates that it is followed by the Crypto.com exchange with 103 million, BitGo with 14.8 million, Defiance Capital with 35 million, and Curve with 14 million.

The integration of PYUSD into both centralized and decentralized platforms has provided users with more options for utilizing the stablecoin. Notably, Paxos holds the largest portion of PYUSD on Ethereum, with 112 million tokens in its possession. This amount represents over 20% of the total supply of PYUSD, showcasing the significant stake that Paxos has in the stablecoin.

The increasing popularity of PYUSD on Ethereum reflects a growing interest in stablecoins within the cryptocurrency space. As more users and platforms recognize the benefits of stablecoins like PYUSD, we can expect to see further growth and adoption in the future. With established players like Paxos already heavily invested in PYUSD, the stablecoin’s position in the market is likely to strengthen even more in the coming months.CRYPTOCASTER® - DECENTRALIZED FREEDOM!


W

e hope you enjoyed this article. Before you move on, we invite you to consider supporting CryptoCaster’s journalism.

Billionaire owners like Elon Musk, Larry Fink (BlackRock), and Jamie Dimon (JP Morgan Chase) often have a strong influence on the hidden agendas surrounding the paradigm shift brought about by cryptocurrency and emerging Web3 technologies. CryptoCaster stands apart. We have no billionaire owner or shareholders to please. Our journalism is dedicated to serving the public interest in crypto development and institutional disruptions, not profit motives.

We avoid the pitfall of much U.S. and global media, which often resorts to false equivalence in the name of neutrality and retail consumer protection. While fairness and transparency guide everything we do, we recognize that there is a right and wrong stance in the fight against fiat global banking interests and the monetary reconstruction driven by the emerging crypto ecology.

When we report on issues like the FTX, Binance, and Ripple crises, we’re not afraid to name names and uncover the truth. As a crypto sentinel, we offer a fresh, outsider perspective on global monetary disruption—something often missing from the insular American and European media bubble.

CryptoCaster’s paywall-free journalism is accessible worldwide thanks to our unique reader-supported model. This is made possible by readers like you. Your support keeps us independent, free from outside influence, and accessible to everyone, regardless of their ability to pay for news and information.

We are grateful for the ongoing monetary support from our readers. If you haven’t yet considered supporting CryptoCaster, please consider contributing just once from $1 or more in Bitcoin (satoshi) or Ether, or even better, support us monthly with a bit more. Scroll further down this page to find CryptoCaster’s wallet addresses.

Thank you.

Kristin Steinbeck
Editor, CryptoCaster


Please Read Essential Disclaimer Information Here.
© 2024 Crypto Caster provides information. CryptoCaster.world does not provide investment advice. Do your research before taking a market position on the purchase of cryptocurrency and other asset classes. Past performance of any asset is not indicative of future results. All rights reserved.


Contribute to CryptoCaster℠ Via Metamask or favorite wallet. Send Coin/Token to Addresses Provided Below.
Thank you!
BTC – bc1qgdnd752esyl4jv6nhz3ypuzwa6wav9wuzaeg9g
ETH – 0x7D8D76E60bFF59c5295Aa1b39D651f6735D6413D
MATIC – 0x7D8D76E60bFF59c5295Aa1b39D651f6735D6413D
LITECOIN – ltc1qxsgp5fykl0007hnwgl93zr9vngwd2jxwlddvqt


CRYPTOCASTER HEATMAP


You may also like