PYUSD’s market cap is up 97% within the final 30 days.
PayPal’s USD stablecoin is having fun with a surge in progress after launching on Solana.
The market cap of PYUSD, PayPal’s stablecoin, is up 97% previously 30 days, in line with CoinGecko.
The token now ranks because the sixth largest st7ablecoin by market capitalization after flipping six different stablecoins during the last month. PYUSD boasts a market cap of $775.6 million, surpassing USDB, PAXG, TUSD, XAUT, FRAX, and USDD within the final 30 days.
The fintech large launched PYUSD on Ethereum in August of 2023. PayPal’s stablecoin loved regular progress throughout its first 10 months of working, with PYUSD boasting a market cap of $398.3 million as of Could 29 — when the stablecoin launched on the Solana community.
PYUSD has rapidly emerged because the third largest stablecoin on Solana since, rating behind USD Coin (USDC) and Tether (USDT).
USDC is Solana’s main stablecoin by a landslide with a market cap of $2.5 billion, adopted by USDT with $723 million and PYUSD with $418 million.
PYUSD’s Solana-based capitalization overtook Ethereum on Aug. 9.
Solana Stablecoins
Solana’s stablecoin market boasted robust progress all through 2024, posting progress of 107% since Jan. 1. Roughly $3.8 billion value of stablecoin are at present circulating on Solana, up from $1.83 billion at first of the yr.
Nevertheless, the capitalization of Solana-based secure tokens is down 38% from June 2022 its all-time excessive of $6.25 billion, in line with DeFiLlama.
Solana now hosts the fifth-largest stablecoin financial system in DeFi. Ethereum and Tron at present command 84% of the $167 billion stablecoin market cap with $81 billion and $59 billion, respectively.
BNB Chain is available in third with roughly $5 billion 2.99%, adopted by Arbitrum with $4.52 billion or 2.70%, and Solana with 2.28%.
