Fri, July 12

PayPal’s PYUSD Stablecoin Surpasses $500 Million in Market Cap

PayPal’s PYUSD Stablecoin Surpasses $500 Million in Market Cap Market News
  • Particularly noteworthy is the 97% rise in the stablecoin’s supply over the previous month.
  • With a supply of over 112 billion, Tether USD leads the stablecoin sector.

Launched via a cooperation with custodian company Paxos in August 2023, PayPal’s USD-pegged stablecoin PYUSD has had its market supply surpass 500 million tokens.

By the end of 2023, PYUSD’s supply had grown to 230 million after its launch. According to statistics compiled by DeFiLlama, the total quantity of stablecoins has more than doubled since then, and this month, it surpassed 500 million, or $500 million.

Substantial Growth

Particularly noteworthy is the 97% rise in the stablecoin’s supply over the previous month, from 270 million on June 26 to more than 533 million. With a supply of over 112 billion, Tether USDT leads the stablecoin sector, and PayPal is among the top 10 issuers.

Following its May expansion to the Solana network, PYUSD’s growth has surged. Solana already has 134.5 million PYUSD stablecoins, or 25.2% of the total supply, after a few months. Ethereum now has around 399 million PYUSD stablecoins.

PYUSD’s inclusion in decentralized finance protocols like Frax and Curve, as well as its acceptance on centralized exchanges like Crypto.com, seem to have had a role in the stablecoin’s rise in the last year. With 112 million tokens, or more than 20% of the entire supply, Paxos owns the biggest amount of PYUSD on Ethereum.

Users may now use PayPal USD (PYUSD) to finance international Xoom transactions. In April of this year, Xoom, a PayPal service for international money transfers, unveiled this new feature. A statement from Xoom states that US consumers would not be charged any transaction fees by PayPal when funding eligible transactions to over 160 countries using PYUSD.

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