PYUSD hits $1 billion milestone with the majority of its supply on Solana

PayPals secure foreign money PYUSD In response to CoinGecko, it surpassed $1 billion in market capitalization on August 24 facts.

On an X (previously Twitter) afterthe issuer of PYUSD Paxos celebrated this achievement and highlighted how shortly the stablecoin crossed the necessary mark in comparison with its friends, USD Coin (USDC) And Tether USD (USDT).

Information from CoinGecko exhibits that it took PYUSD 351 days to cross the billion-dollar threshold, whereas USDC and USDT crossed the identical stage inside 616 and 1024 days, respectively.

Notably, many of the PYUSD market cap is circulating on Solana, lower than three months after PayPal selected Could 29 to increase the issuance of its stablecoin past Ethereum.

As on chain facts exhibits greater than $647 million in PYUSD being staked on Solana, with roughly $430 million collateralized for loans on cash market platform Kamino.

The numerous quantity of PYUSD allotted at Kamino could be defined by the excessive annual yield (APY) provided by the platform, at the moment on a 13.63% foundation and 14.6% with bonuses.

The second largest utility for PYUSD is the USDC/PYUSD liquidity pool on decentralized change Orca, which has $50.4 million locked up.

On Ethereum, many of the PYUSD is locked within the FRAX/PYUSD liquidity pool created on the decentralized change Curve Finance, which has been allotted $19.5 million.

Powerful competitors

Regardless of its speedy development, the PYUSD nonetheless faces stiff competitors each on Solana and the broader stablecoin market.

On a series facts exhibits that USDT has a $76 million lead over PYUSD on Solana. Nonetheless, this might quickly be reversed as PayPal’s stablecoin has grown 171% over the previous 30 days, whereas USDT has shrunk 1.35%.

However, USDC is sort of 4x bigger than PYUSD in Solana’s ecosystem, valued at $2.5 billion.

Throughout the broad stablecoin ecosystem, PYUSD ranks behind 5 different tokens when it comes to market capitalization. USDT dominates the $162 billion sector, with a market cap of virtually $118 billion.

USDC is the second largest stablecoin and is approaching $35 billion. DAI ranks third, with a market dimension of over $5.1 billion, whereas First Digital USD has a market cap of $3.1 billion. Ethena USDe rounds out the group at $2.9 billion.

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