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In the last day, the global trading volume has hit $203 billion, with stablecoins accounting for an impressive $133 billion of that total. Among the array of stablecoin assets tied to the U.S. dollar, Paypal’s PYUSD has emerged as a top ten player. Yet, despite the ongoing cryptocurrency market upswing, PYUSD has shown minimal activity in this foray.
PYUSD’s Modest Market Movement
It’s been 217 days since Paypal unveiled its stablecoin, PYUSD, issued on the Ethereum blockchain platform. Since its introduction, PYUSD has climbed the ranks to become a leading stablecoin among those pegged to the U.S. dollar, currently sitting in ninth place, nestled between Paxos’ USDP and FRAX. While the current crypto market rally has favored various stablecoins, PYUSD has barely made a ripple.
For one, PYUSD‘s market value has diminished from $305 million to a present $221 million, marking a 25.8% decrease in its supply over the last month. According to Etherscan, 224 million tokens are circulating, and PYUSD has seen 53,472 transactions since its inception. Curve Finance is the largest holder of PYUSD, securing 16.76% of its supply, followed by Defiance Capital with 15.20%, and Crypto.com with 10.18%. Together, the top 100 holders of PYUSD collectively possess 99.63% of the available supply.
When it comes to trading activity, PYUSD falls short of the leading stablecoins. As of now, 93 non-stablecoin and stablecoin tokens have outpaced PYUSD in 24-hour trading volume. The Paypal-backed stablecoin saw $15.5 million in trades in the last day, in stark contrast to USDT’s $67 billion, FDUSD’s $6.74 billion, and USDC’s $5.95 billion. Even Binance-Peg BUSD experienced double the global trading volume of PYUSD, and Curve Finance’s CRVUSD saw even more with $40.55 million in trades within the same timeframe.
Although Paypal stands as a significant player in the payment and finance sector, PYUSD faces stiff competition from established names like USDT, USDC, FDUSD, DAI, USDE, among others. Seven months into its journey, the stablecoin is experiencing a decline in both its trading volume and circulating supply.
What do you think about PYUSD’s lackluster performance during the market upswing? Let us know what you think about this subject in the comments section below.