{"id":3814,"date":"2024-08-18T08:11:13","date_gmt":"2024-08-18T08:11:13","guid":{"rendered":"https:\/\/solanacrypto.news\/2024\/08\/18\/paypals-pyusd-rises-to-third-largest-stablecoin-on-solana\/"},"modified":"2024-08-18T08:11:13","modified_gmt":"2024-08-18T08:11:13","slug":"paypals-pyusd-rises-to-third-largest-stablecoin-on-solana","status":"publish","type":"post","link":"https:\/\/solanacrypto.news\/2024\/08\/18\/paypals-pyusd-rises-to-third-largest-stablecoin-on-solana\/","title":{"rendered":"PayPal’s PYUSD Rises to Third-Largest Stablecoin on Solana"},"content":{"rendered":"
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PayPal\u2019s decision to extend its PYUSD stablecoin<\/a> to the Solana<\/a> blockchain is proving highly successful.<\/strong><\/p>\n

The digital asset now ranks among the top six stablecoins, with its supply quietly approaching the $1 billion milestone.<\/p>\n

PYUSD Supply Grows by Over $300 Million in a Month<\/h2>\n

According to CoinGecko, PYUSD\u2019s supply has grown by more than $300 million, or 45%, in the past month. This makes it the fastest-growing stablecoin among its peers, with a current supply close to $820 million.<\/p>\n

\"PYUSD
PYUSD\u2019s Total Supply. Source: CoinGecko<\/a><\/figcaption><\/figure>\n

Read more:\u00a07 Best Crypto Platforms To Buy PayPal Stablecoin (PYUSD)<\/a><\/strong><\/p>\n

Analysts link PYUSD\u2019s growth to its integration with the Solana blockchain<\/a>. PayPal initially launched PYUSD on Ethereum in August 2023. While the stablecoin saw steady growth during its first 10 months, its adoption soared after the expansion to Solana in May 2024.<\/a><\/p>\n

PYUSD\u2019s success on Solana has been linked to the attractive incentives for users of Solana-based DeFi<\/a> protocols like Kamino and Drift. These platforms provide users with significant rewards, offering nearly 20% annual returns for depositing the stablecoin.<\/p>\n

Some market observers have expressed skepticism about the sustainability of this approach, citing the industry\u2019s history with high-yield stablecoins like Terra\u2019s failed algorithmic UST stablecoin<\/a>. However, PYUSD differs from UST because it is backed by the dollar\u2014meaning each PYUSD token issued is supported by an equivalent dollar in reserve.<\/p>\n

Nevertheless, the high yields have driven PYUSD\u2019s balance on Solana to surpass that on Ethereum. Data from DeFiLlama shows that PYUSD on Solana now exceeds $462 million, compared to around $366 million on Ethereum. This makes PayPal-backed assets the third-largest stablecoin on Solana<\/a>, following Circle\u2019s USDC and Tether\u2019s USDT.<\/a><\/p>\n

Read more:\u00a0How To Buy PayPal Stablecoin (PYUSD)<\/a><\/strong><\/p>\n

\"PYUSD's
PYUSD\u2019s Supply on Solana and Ethereum<\/a>. Source: DeFillama<\/a><\/figcaption><\/figure>\n

Meanwhile, the rapid growth of PYUSD on Solana has also led to wider adoption on exchanges. Bybit, one of the top three cryptocurrency exchanges<\/a>, now supports PYUSD deposits and withdrawals on the Solana network<\/a>. Bybit recently reached 40 million users, adding 10 million new users in less than a month.<\/p>\n

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Disclaimer<\/p>\n

In adherence to the Trust Project<\/a> guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our\u00a0Terms and Conditions<\/a>,\u00a0Privacy Policy<\/a>, and\u00a0Disclaimers<\/a>\u00a0have been updated.<\/p>\n<\/div>\n<\/div><\/div>\n","protected":false},"excerpt":{"rendered":"

PayPal\u2019s decision to extend its PYUSD stablecoin to the Solana blockchain is proving highly successful. The digital asset now ranks among the top six stablecoins, with its supply quietly approaching the $1 billion milestone. PYUSD Supply Grows by Over $300 Million in a Month According to CoinGecko, PYUSD\u2019s supply has grown by more than $300 […]<\/p>\n","protected":false},"author":1,"featured_media":3815,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"rank_math_lock_modified_date":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-3814","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/solanacrypto.news\/wp-json\/wp\/v2\/posts\/3814","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/solanacrypto.news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/solanacrypto.news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/solanacrypto.news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/solanacrypto.news\/wp-json\/wp\/v2\/comments?post=3814"}],"version-history":[{"count":0,"href":"https:\/\/solanacrypto.news\/wp-json\/wp\/v2\/posts\/3814\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/solanacrypto.news\/wp-json\/wp\/v2\/media\/3815"}],"wp:attachment":[{"href":"https:\/\/solanacrypto.news\/wp-json\/wp\/v2\/media?parent=3814"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/solanacrypto.news\/wp-json\/wp\/v2\/categories?post=3814"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/solanacrypto.news\/wp-json\/wp\/v2\/tags?post=3814"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}