PayPal's PYUSD Hits $1B Market Cap in 383 Days, Surpasses USDT Volume on Solana

Aug 26, 2024, 04:37 PM

PayPal's stablecoin, PYUSD, has reached a market capitalization of $1 billion, achieving this milestone in just 383 days after its launch. This growth has been significantly faster compared to other stablecoins like USDC and USDT. The rapid expansion of PYUSD is attributed to its integration with the Solana blockchain and partnerships with DeFi protocols such as marginfi and KaminoFinance, which offer substantial rewards for PYUSD deposits. The stablecoin has also surpassed USDT in 24-hour on-chain volume on Solana, highlighting its increasing adoption and usage. The number of PYUSD tokenholders has grown from less than 5,000 at the end of last year to over 23,000 today, driven by attractive DeFi incentives.