- PayPal’s PYUSD stablecoin has grown significantly on Solana, surpassing its supply on Ethereum.
- As of the latest data, the supply of PYUSD on Solana exceeds 377 million, while the supply on Ethereum stands at 359 million.
PayPal’s U.S. dollar-pegged stablecoin, PYUSD, has seen significant expansion since its inception, with its supply on Solana now exceeding that on Ethereum.
In August 2023, PYUSD launched on Ethereum in partnership with custodian Paxos, and its initial supply grew to $230 million by the end of the year. Due to the significant attention it has garnered in the crypto market, the stablecoin is set to expand its presence by introducing its supply on Solana in May 2024.
Now the PYUSD supply has rapidly grown to over 377 million tokens, outpacing its Ethereum counterpart, which stands at 359 million. The increased availability of Solana can be attributed to its integration into decentralized exchanges like Jupiter and Orca.
Currently, the total issuance of the stablecoin has surged to 739 million, marking it as the fourth-largest centralized stablecoin behind Tether (USDT), Circle (USDC), and First Digital (FUSD), as per CoinMarketCap data.
Currently, the total market cap of PYUSD surged to 739 million, marking it as the fourth-largest centralized stablecoin. It trails behind Tether (USDT), Circle (USDC), and First Digital (FUSD). Also, the token has showcased strong trading activity with a 24-hour trading volume of $32 million, further emphasizing its liquidity and adoption in the market.
Increasing Crypto Adoption
This growth reflects the broader trend of stablecoins gaining traction across different blockchain networks. It enhances liquidity and offers new opportunities for decentralized finance (DeFi) applications.
Since the beginning of 2024, the Solana blockchain has been making significant waves in the crypto market. An increasing number of projects are launching, particularly in the memecoin sector. This surge in activity on Solana highlights its growing influence and potential in the crypto space.
In addition, Bitcoin adoption across various countries has garnered increased visibility in the market. More nations integrate Bitcoin into their financial systems and regulatory frameworks. The broader acceptance and use of cryptocurrencies are being amplified. This is further boosting interest and engagement in the crypto ecosystem.
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