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According to current metrics, Paypal’s stablecoin $PYUSD has increased its supply by more than 49% since the end of September, rising from 94.39 million to 140.86 million. Moreover, the number of $PYUSD holders has risen by 55% since September 30, 2023. Concentration, however, is still evident in $PYUSD, with the top 100 holders owning 99.95% of its current supply.
Paypal Stablecoin Witnesses Redistribution Among Top Holders
Paypal’s stablecoin ecosystem experienced growth in October. The number of unique addresses and transfers has risen, and more $PYUSD has been issued. On September 30, 2023, 924 unique wallets held $PYUSD. Today, that number stands at 1,438 holders. Additionally, $PYUSD had only 180 transfers 25 days ago, but that count has now reached a total of 8,307 transactions. Still, this count is extremely modest when set against USDT’s 204 million transfers and $USDC’s 73 million transactions.
In terms of issuance, $PYUSD’s supply has jumped by 49.22% since September’s close. Back then, 94.39 million of Paypal’s stablecoins were in circulation, and now that figure stands at 140.86 million. Boasting a market capitalization of $140 million, it secures the 13th spot among USD stablecoins by market value and ranks 206th among over 10,000 crypto assets. While a lion’s share of the 140.86 million $PYUSD is held by a handful of addresses, its distribution landscape has undergone a few notable changes.
Crypto.com has risen to become the top $PYUSD holder, wielding 98.21 million tokens, equivalent to 69.72% of the total supply. Paxos follows closely, securing the second and third largest wallets with holdings of 28.81 million and 4.83 million $PYUSD, respectively. Kraken possesses the fourth largest $PYUSD wallet, containing 1.5 million tokens, while Curve Finance boasts the fifth, housing approximately 998,658 $PYUSD.
A noteworthy 966,936 $PYUSD finds its home on Uniswap, paired with $USDC, making it the sixth-largest $PYUSD account. Intriguingly, the identity of the seventh largest $PYUSD holder remains a mystery; however, their wallet is brimming with 859,335 $PYUSD. This mystery address also shelters $3.08 million in various digital assets, including a substantial $1.4 million in wall street memes (WSM) and $175K in worldcoin (WLD).
Coinbase and Uniswap lay claim to the eighth and ninth-largest $PYUSD wallets, respectively. Rounding out the top ten, another anonymous entity emerges as the tenth largest $PYUSD holder, with approximately 500,000 $PYUSD in their possession, having received the funds directly from Coinbase.
What do you think about the increase in $PYUSD’s overall supply? Share your thoughts and opinions about this subject in the comments section below.