PayPal's PYUSD Stablecoin Surpasses $500 Million Market Cap, 533 Million Tokens in Supply

Jul 9, 2024, 12:36 PM

PayPal's stablecoin PYUSD has experienced significant growth following its expansion on the Solana blockchain. The supply of PYUSD surged by 90%, contributing to a market cap that now exceeds $500 million. Since its launch in August 2023, the stablecoin has seen remarkable growth, initially reaching 230 million tokens by the end of 2023. The latest figures indicate that the supply has now surpassed 533 million tokens. This growth has been accompanied by a notable shift in the distribution of PYUSD, with a 61% increase in supply on Solana and a 7% decrease on Ethereum.