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PayPal’s PYUSD stablecoin hits 1B market cap
PayPal’s PYUSD stablecoin hits 1B market cap

Finance

PayPal’s PYUSD stablecoin surpasses the $1 billion market cap despite growing adoption

PayPal’s PYUSD stablecoin has surpassed $1 billion in market cap, buoyed by its recent expansion to the Solana blockchain and strategic partnerships. The stablecoin’s integration with PayPal’s payment system and incentives through various platforms have fueled its growth. Despite its success, PYUSD remains behind leading stablecoins Tether’s USDT and Circle’s USDC in market capitalization.

PayPal’s stablecoin, PYUSD, has achieved a significant milestone by exceeding $1 billion in market capitalization. This digital currency pegged to the US dollar has gained traction following its introduction and recent expansions.

PYUSD, an Ethereum-compatible ERC-20 token, is the only stablecoin integrated into PayPal’s payment system. We designed it to seamlessly connect with existing digital and fiat currencies and support a broad range of Web3 applications. To enhance its utility, PayPal has partnered with Anchorage Digital to offer a rewards program for users who store PYUSD with the crypto custodian.

The recent deployment of the stablecoin on the Solana blockchain has significantly boosted its growth. Collaborations with Crypto.com, Phantom, and Paxos supported this expansion. Additionally, PayPal partnered with MoonPay to facilitate cryptocurrency purchases and integrated with Polymarket to enhance crypto betting options.

Despite its progress, PYUSD is still trailing behind established stablecoins like Tether’s USDT and Circle’s USDC, which have market caps of approximately $118 billion and $35 billion, respectively. However, the increased adoption and incentives are driving PYUSD’s growth, with its supply on Solana now surpassing that on Ethereum.

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