PayPal's PYUSD Becomes Sixth Largest Stablecoin with $791.9M Market Cap

Aug 18, 2024, 01:32 PM

PayPal's stablecoin, PYUSD, has experienced significant growth, nearing a $1 billion milestone and becoming the sixth largest stablecoin within just 10 days. As of August 16, its market capitalization reached $791.9 million, up from $651 million on August 6. PYUSD has seen a 97% increase in value over the past month. The majority of its minting, 56.7%, is occurring on the Solana blockchain, where it ranks third in terms of network activity. This surge in PYUSD's market presence comes amid a broader expansion in the stablecoin market, with a $2.21 billion uptick driven by Tether and PYUSD.