According to statistics, Paypal’s PYUSD stablecoin has surpassed Tron’s stablecoin USDD becoming the sixth largest dollar-pegged token by market capitalization. Over the past ten days, PYUSD’s supply has swelled by $140.9 million.
Paypal’s PYUSD Nears $1B Milestone
The stablecoin asset issued by Paypal is now the sixth largest stablecoin asset today after growing significantly over the past ten days. On Aug. 06, 2024, PYUSD’s market valuation was $651 million and today, it’s up to $791.9 million on Aug. 16, 2024. Metrics show that there’s more PYUSD on Solana now than the PYUSD on Ethereum as 449 million SOL-based PYUSD is in circulation today.
This means 56.7% of the PYUSD issued has been minted on Solana. Out of the top ten stablecoins by market valuation, PYUSD saw the most growth over the last 30 days by rising 34.9% since July 16. The project’s market valuation has to see at least $209 million more PYUSD issued to reach the $1 billion milestone. Moreover, PYUSD still has a ways to go to surpass FDUSD, as it needs to climb by $1.54 billion to surpass FDUSD’s $2.34 billion.
Paypal‘s PYUSD stablecoin has demonstrated significant momentum, outpacing other stablecoins in recent growth. With a substantial portion minted on Solana, it has positioned itself as a strong competitor in the stablecoin market since it launched. However, to achieve the $1 billion milestone and surpass other competitors, PYUSD must continue its rapid expansion and sustain this upward trajectory.