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PayPal’s PYUSD market cap hits $500m after Solana expansion

paypals-pyusd-market-cap-hits-500m-after-solana-expansion
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PayPal’s PYUSD market cap hits $500m after Solana expansion

Ever since Paypal joined the Solana (SOL) ecosystem, the volume for its stablecoin has exceeded 300 million weekly trades.

PayPal’s PYUSD stablecoin’s weekly transaction volumes have soared to over $500 million, a notable increase from its previous volume of $150 million. This surge follows Paypal’s PYUSD’s expansion to the Solana blockchain in May, leading to a 90% increase in its market supply, which now surpasses half a billion dollars.

According to DeFiLlama, PYUSD’s total supply across Solana and Ethereum stands at approximately $534 million. A detailed breakdown reveals that 74% of this supply is on Ethereum, while the remaining 25% is on Solana.

Implications 

On May 29, the online payment giant announced that its stablecoin would launch on the Solana blockchain.

The company made the announcement in hopes of making PYUSD faster and cheaper to use. The move to the Solana network provides users with more blockchain options for PYUSD.

Over the past week, the supply of PYUSD on Solana has surged by 61%, while its supply on Ethereum has decreased by 7%. This growth has contributed to the overall increase in trading volume for the stablecoin, whose weekly transaction volumes have tripled and reached $500 million by the end of last month. 

This surge has prompted Solana developer Paul Fidika to describe PYUSD as the “sleeper hit on Solana,” bolstering the blockchain’s position as a viable financial alternative. He also noted that this Solana integration is taking use-case value away from fintech giants like Coinbase and Circle.