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$PYUSD hits a $94,396,540 market cap two months after launch following the minting of $50M tokens.
In a recent tweet, Julio Moreno, the Head of Research at the prominent data analytic firm CryptoQuant, spotlighted exciting developments about the recently launched PayPal stablecoin based on the Ethereum network, $PYUSD.
Moreno highlighted that $PYUSD has achieved an unprecedented milestone by reaching an all-time high market valuation of nearly $100 million. In particular, the researcher mentioned that $PYUSD now boasts a market share of $94,396,540.
$PYUSD (PayPal's stablecoin) just hit an all time high market capitalization of $94M.
$50M were minted on September 29.Those $50M were then sent to address 0xcffad3200574698b78f32232aa9d63eabd290703 belonging to exchange @cryptocom pic.twitter.com/uOD4whmqnR
— Julio Moreno (@jjcmoreno) October 4, 2023
$PYUSD All-time High Market Cap
Furthermore, Moreno disclosed that the significant surge in $PYUSD’s market cap followed the minting of $50 million of the stablecoins on September 29.
The destination of the Friday-minted $PYUSD added another twist to the development. According to Moreno, the freshly created tokens were transferred to a wallet of a centralized exchange. Specifically, the recipient address was the prominent crypto exchange Crypto.com, one of the few trading platforms that have listed $PYUSD.
Additionally, Moreno’s tweet included a chart illustrating $PYUSD’s supply over time. It indicated the stablecoin has maintained a steady increase in its supply since its August debut.
$PYUSD In the Market
According to data from the crypto tracking platform CoinMarketCap, $PYUSD’s market cap ranks it at 243 among the most prominent cryptocurrencies. $PYUSD’s trading volume saw a 53.66% uptick compared to the value obtainable in the past day. Market participants bought and sold $5,242,794 $PYUSD in the last 24 hours.
Notably, the top-rated centralized exchanges that have listed $PYUSD include Coinbase, Kraken, KuCoin, Bybit, and Gate.io. However, Gemini and the largest crypto exchange, Binance, are among the notable platforms yet to support $PYUSD.
The PayPal stablecoin debuted on August 7, 2023, to work alongside PayPal’s existing crypto payments. The Crypto Basic reported that PayPal users can move $PYUSD from their account to external addresses or swap to other stablecoin, crypto, or fiat currencies.