According to the latest data, PayPal’s US dollar-pegged stablecoin PYUSD has seen significant growth on the Solana blockchain, surpassing its supply on the Ethereum network.
PayPal's PYUSD Stablecoin Exceeds Ethereum Supply on Solana
Since its launch in May 2024, the supply of PYUSD on Solana has surpassed 377 million tokens. In comparison, Ethereum-based PYUSD tokens currently stand at 356 million, as reported by Etherscan.
PYUSD was initially launched on Ethereum in August 2023 through a partnership with custodian firm Paxos.
By the end of 2023, the supply of PYUSD on Ethereum had reached 230 million tokens. Since then, the total supply has more than tripled, exceeding 733 million tokens, equivalent to $733 million.
The expansion of PYUSD to Solana in May 2024 appears to have significantly increased its supply on the network.
Decentralized exchanges like Jupiter and Orca on Solana have contributed to its rapid growth by including PYUSD in their liquidity pools. This expansion comes alongside the presence of other major stablecoins like USDC and USDT on the Solana blockchain.
With a market cap of $733 million, PYUSD is currently the fourth-largest centralized stablecoin behind Tether (USDT), Circle (USDC), and First Digital (FUSD). USDT leads with a market cap of $120 billion, followed by USDC with $36 billion.
This milestone underscores PYUSD’s growing importance in the stablecoin market and its expanding influence across different blockchain networks.
*This is not investment advice.
