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