PayPal Stablecoins PYUSD In accordance with CoinGecko, the market capitalization exceeded $1 billion on August twenty fourth. knowledge.
On an X (previously Twitter) put upIssuer of PYUSD Paxos To have a good time this achievement, the stablecoin introduced that it will likely be becoming a member of the opposite stablecoin, USDCoin (USDC) and Tether USD (USDT).
In accordance with knowledge from CoinGecko, it took PYUSD 351 days to cross the 1 billion threshold, whereas USDC and USDT crossed the identical mark in 616 and 1024 days, respectively.
Notably, lower than three months after PayPal determined to broaden its stablecoin issuance outdoors of Ethereum on Might 29, most of PYUSD’s market cap is now circulating on Solana.
As on-chain knowledge In accordance with the corporate, greater than $647 million in PYUSD has been deployed on Solana, with round $430 million locked as collateral for lending on cash market platform Kamino.
The rationale the quantity of PYUSD allotted to Kamino is substantial is because of the excessive Annual Proportion Yield (APY) provided by the platform (presently 13.63% base, 14.6% with bonuses).
The second largest utility of PYUSD is decentralized alternate Orca’s liquidity pool USDC/PYUSD, with $50.4 million locked.
On Ethereum, nearly all of PYUSD is locked within the FRAX/PYUSD liquidity pool created on decentralized alternate Curve Finance, which has $19.5 million allotted to it.
Robust competitors
Regardless of its speedy development, PYUSD nonetheless faces stiff competitors from each Solana and the broader stablecoin market.
On-Chain knowledge Solana exhibits that USDT holds a $76 million lead over PYUSD, however this lead might be rapidly reversed as PayPal’s stablecoin has elevated 171% over the previous 30 days whereas USDT has decreased 1.35%.
Regardless of this, USDC is almost 4 instances bigger than PYUSD within the Solana ecosystem, valued at $2.5 billion.
Within the broader stablecoin ecosystem, PYUSD lags behind 5 different tokens in market cap, with USDT dominating the $162 billion sector with a market cap of round $118 billion.
USDC is the second largest stablecoin with a market cap approaching $35 billion. DAI is third with a market cap of over $5.1 billion, and First Digital USD boasts a market cap of $3.1 billion. Ethena USDe rounds out the group with a market cap of $2.9 billion.
