Paypal’s PYUSD Supply Swells by $140.9M in 10 Days, Becomes Sixth Largest Stablecoin

According to statistics, Paypal’s $PYUSD stablecoin has surpassed Tron’s stablecoin USDD becoming the sixth largest dollar-pegged token by market capitalization. Over the past ten days, $PYUSD’s supply has swelled by $140.9 million.

Paypal’s $PYUSD Nears $1B Milestone

The stablecoin asset issued by Paypal is now the sixth largest stablecoin asset today after growing significantly over the past ten days. On Aug. 06, 2024, $PYUSD’s market valuation was $651 million and today, it’s up to $791.9 million on Aug. 16, 2024. Metrics show that there’s more $PYUSD on Solana now than the $PYUSD on Ethereum as 449 million SOL-based $PYUSD is in circulation today.

This means 56.7% of the $PYUSD issued has been minted on Solana. Out of the top ten stablecoins by market valuation, $PYUSD saw the most growth over the last 30 days by rising 34.9% since July 16. The project’s market valuation has to see at least $209 million more $PYUSD issued to reach the $1 billion milestone. Moreover, $PYUSD still has a ways to go to surpass $FDUSD, as it needs to climb by $1.54 billion to surpass $FDUSD’s $2.34 billion.

Paypal‘s $PYUSD stablecoin has demonstrated significant momentum, outpacing other stablecoins in recent growth. With a substantial portion minted on Solana, it has positioned itself as a strong competitor in the stablecoin market since it launched. However, to achieve the $1 billion milestone and surpass other competitors, $PYUSD must continue its rapid expansion and sustain this upward trajectory.