PayPal's US dollar-pegged Stablecoin PYUSD was launched in August 2023 through a partnership with custody firm Paxos. In a short time, the market supply exceeded half a billion dollars.
PayPal's Stablecoin Surpasses $500M Market Cap Following Solana Expansion
Following its launch, the supply of PYUSD had reached 230 million by the end of 2023. Since then, the total stablecoin supply has more than doubled, surpassing the 500 million mark this month, according to DeFiLlama data.
Notably, in the past month, stablecoin supply has increased by 97%, from 270 million to over 533 million on June 26. This places PayPal among the top ten stablecoin issuers, with Tether leading the field with more than $112 billion in supply.
PYUSD's surge in growth followed its expansion into the Solana network in May. A few months later, Solana hosted approximately 134.5 million PYUSD tokens, equal to 25.2% of the total supply.
Meanwhile, there are approximately 399 million PYUSD stablecoins on Ethereum.
PYUSD's adoption on centralized exchanges like Crypto.com and its integration into decentralized finance protocols like Curve and Frax also appear to have contributed to the stablecoin's growth over the past year.
Currently, Paxos holds the largest portion of PYUSD on Ethereum with 112 million tokens, representing over 20% of the total supply.
According to on-chain data provided by Nansen, it is followed by Crypto.com exchange with 103 million, Defiance Capital with 35 million, BitGo with 14.8 million and Curve with 14 million.
*This is not investment advice.