On Aug. 26, Paypal’s PYUSD stablecoin hit the $1 billion mark for the first time since its launch in August 2023. Initially rolled out on Ethereum, PYUSD has seen a significant shift, with most of its tokens now issued on Solana.
Paypal’s PYUSD Stablecoin Reaches $1 Billion Market Cap in Just Over a Year
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Paypal’s PYUSD Surpasses $1 Billion Market Cap
Recent data shows that the market cap of PYUSD has reached $1,008,546,868 as of Aug. 26, 2024, marking a new milestone. Paxos, the blockchain infrastructure firm that collaborates with Paypal to manage and issue PYUSD, took to X on Monday to celebrate the achievement.
“Over the weekend, Paypal USD (PYUSD) hit $1 billion in market cap just 383 days after launch,” Paxos said. “Paypal USD reached this milestone nearly 2x faster than USDC and 3x faster than USDT.”
Blockchain metrics reveal that the Ethereum blockchain hosts 373 million PYUSD, spread among 12,548 holders. Since its debut, PYUSD has been transferred 227,904 times on the Ethereum network. Over on Solana, the numbers are even bigger, with 647 million PYUSD held by 4,211 holders. Since its launch on Solana, PYUSD has seen an impressive 2,185,351 transfers.
What do you think about Paypal’s stablecoin reaching $1 billion this past weekend? Share your thoughts and opinions about this subject in the comments section below.
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