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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.