cryptonews.net
PayPal’s Solana-based stablecoin launched a few months ago, and it appears the token’s supply is already closing the gap with $PYUSD tokens on the Ethereum network. Solana-based $PYUSD stablecoins currently have a supply of nearly $240 million since their launch in May, according to the Dune analytics dashboard referenced by the Solana Foundation.
Ethereum-based $PYUSD tokens have a supply of about $348 million, according to The Block Data Dashboard. $PYUSD on Ethereum launched nearly a year ago. Solana-based decentralized exchanges like Jupiter and Orca, which have listed $PYUSD, may have contributed to the surge in $PYUSD stablecoins on the Solana network.
Broadly, Solana-based stablecoins represent a relatively small portion of the overall stablecoin market. The supply of the two leading stablecoins, $USDT Tether and $USDC Circle, primarily uses the Ethereum and Tron networks. The market cap (supply) of $USDT and $USDC is $120 billion and $36 billion, respectively, according to The Block Data Dashboard.
Image: Binance Academy