PayPal’s PYUSD stablecoin reaches a $1 billion market cap, just 383 days after its launch. Initially on Ethereum, most PYUSD tokens are now issued on Solana, showcasing significant growth.
Bollywood Fever: On August 26, PayPal’s PYUSD stablecoin reached a significant milestone, surpassing a $1 billion market cap for the first time since its launch in August 2023.
This achievement underscores the rapid growth of PYUSD, which was initially launched on the Ethereum blockchain but has since seen a substantial shift, with the majority of its tokens now issued on the Solana network.
As of August 26, 2024, the market capitalization of PYUSD hit $1,008,546,868, marking a new chapter in the stablecoin’s journey.
Paxos, the blockchain infrastructure firm responsible for managing and issuing PYUSD in collaboration with PayPal, took to social media platform X (formerly Twitter) to celebrate this remarkable accomplishment.
Over the weekend, PayPal USD (PYUSD) hit $1 billion in market cap just 383 days after launch,” Paxos announced. “PayPal USD reached this milestone nearly 2x faster than USDC and 3x faster than USDT.”
Blockchain data highlights the growing presence of PYUSD across multiple platforms. On the Ethereum blockchain, 373 million PYUSD tokens are distributed among 12,548 holders, with the stablecoin having been transferred 227,904 times since its debut.
However, the Solana blockchain now hosts the majority of PYUSD, with 647 million tokens held by 4,211 holders and an impressive 2,185,351 transfers recorded since its launch on the network.
The swift adoption of PYUSD and its expanding presence on Solana demonstrate the stablecoin’s growing role in the digital finance ecosystem.
As PayPal continues to innovate in the blockchain space, the success of PYUSD is a testament to the increasing demand for stable digital currencies in global markets.
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