PayPal’s PYUSD Stablecoin Supply on Solana Surpasses Ethereum
Ruholamin Haqshanas is a contributing crypto writer for CryptoNews. He is a crypto and finance journalist with over four years of experience. Ruholamin has been featured in several high-profile crypto...
PayPal’s U.S. dollar-pegged stablecoin, PYUSD, has seen its supply on the Solana blockchain surpass that on Ethereum, according to recent data.
Since its expansion to Solana in May 2024, the supply of PYUSD on Solana has reached 377 million tokens, overtaking the 356 million tokens on Ethereum.
Initially launched on Ethereum in August 2023 through a partnership with Paxos, PYUSD quickly gained traction, with its supply reaching 230 million by the end of that year.
The stablecoin’s total supply has now tripled, exceeding 733 million tokens, valued at $733 million.
The growth of PYUSD on Solana has been fueled by its integration into decentralized exchanges like Jupiter and Orca, where PYUSD has been added to liquidity pools.
The expansion has helped PYUSD establish a significant presence on Solana, alongside leading stablecoins such as USDC and USDT.
With a market capitalization of $733 million, PayPal ranks as the fourth-largest centralized stablecoin issuer, following Tether (USDT), Circle (USDC), and First Digital (FUSD), which have market caps of $120 billion and $36 billion, respectively.
$PYPL PayPal's $PYUSD stablecoin is now the 7th largest stablecoin (6th by some reckoning), with its market cap up more than 150% when it expanded to $SOL Solana.
Over $6m in volume on $COIN today.
It's probably nothing.
