PayPal’s PYUSD Stablecoin Surpasses 500 Million Supply Milestone

BySamson Ononeme

Jul 9, 2024 ,
PayPal's PYUSD stablecoin surpasses 500 million token supply, doubling since end of 2023 and growing 97% in the past month alone.

Key Insights

  • PayPal’s PYUSD stablecoin supply has surpassed 500 million tokens, more than doubling since the end of 2023 and growing 97% in the past month.
  • PYUSD has expanded to the Solana network, which now hosts 25.2% of the total supply, while Ethereum remains the primary blockchain with nearly 399 million tokens.

NEW YORK (MarketsXplora) – PayPal’s U.S. dollar-pegged stablecoin, PYUSD, has seen its market supply surge past 500 million tokens, marking a significant milestone less than a year after its launch, according to data from DeFiLlama.

The stablecoin, introduced in August 2023 through a partnership with custodian firm Paxos, has experienced rapid growth, more than doubling its supply since the end of 2023 when it stood at 230 million tokens.

In a notable acceleration, PYUSD’s supply jumped by 97% in the past month alone, rising from 270 million on June 26 to over 533 million currently. This growth positions PayPal among the top ten stablecoin issuers globally, though still far behind industry leader Tether USD, which boasts a supply exceeding 112 billion.

The expansion of PYUSD to the Solana network in May appears to have fueled its recent growth spurt. Solana now hosts approximately 134.5 million PYUSD tokens, accounting for 25.2% of the overall supply. The Ethereum blockchain remains the primary host with nearly 399 million PYUSD tokens.

Read also! How to Buy PYUSD Stablecoin on PayPal – A Simple Guide for Beginners

Industry analysts attribute PYUSD’s growth to its increasing adoption on centralized exchanges like Crypto.com and its integration into decentralized finance protocols such as Curve and Frax.

On-chain data from Nansen reveals that Paxos currently holds the largest portion of PYUSD on Ethereum with 112 million tokens, representing over 20% of the total supply. Crypto.com follows with 103 million, while Defiance Capital, BitGo, and Curve hold 35 million, 14.8 million, and 14 million tokens respectively.

Samson Ononeme

Meet Samson Ononeme, a dynamic writer, editor, and CEO of marketsxplora.com. With a passion for words and a sharp business acumen, Samson captivates readers with captivating storytelling and delivers insightful market analysis. He is a trailblazer in the finance industry, empowering individuals with knowledge and shaping the narrative of money. Get ready to be inspired by his literary prowess and entrepreneurial leadership.

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