thedefiant.io
PayPal’s PYUSD continues to climb the stablecoin ranks, adding another 22% to its market capitalization over the past seven days.
PYUSD leads the stablecoin space in growth over the last week, with $625 million of PYUSD minted since Nov. 10. It ranks third in positive stablecoin growth over the last month, trailing Tether’s USDT and Sky’s USDS.
The newly minted PYUSD made its way onto Ethereum, bringing the total supply on Ethereum up to $2.38 billion, accounting for almost 70% of the total PYUSD supply.
The jump comes just one month after Paxos, which issues PYUSD, accidentally minted $300 trillion worth of PYUSD on Ethereum, which was promptly burned after the incident.
Following last week’s jump, PYUSD is now the sixth-largest stablecoin in decentralized finance (DeFi). It accounts for just over 1% of the total $303 billion stablecoin market, which is largely dominated by USDT, with a $183 billion market capitalization, and USDC, with a $74 billion valuation.