PayPal stablecoin PYUSD capitalization exceeds $500 million
Date: 2024-07-10 Author: Gabriel Deangelo Categories: CRYPTO PAYMENTS
The market capitalization of PYUSD, a stablecoin issued by PayPal and backed by the US dollar, exceeded $500 million for the first time. At the time of publication, this figure is $534.5 million, according to DeFiLlama.
Of the total capitalization, almost $399 million comes from assets on the Ethereum network, and another $134.5 million from PYUSD on the Solana network. A significant increase in capitalization has occurred over the past 30 days, almost coinciding with the launch of a stablecoin in the new Solana blockchain.
Entering the top 10 stablecoins
With its position strengthened, PYUSD entered the top 10 stablecoins by market capitalization. The first place is still occupied by Tether (USDT) with a capitalization of $112 billion. PYUSD has surpassed such stablecoins as Ethena and Frax Finance in this indicator.
Presumably, the growth of PYUSD capitalization was due to its integration into the decentralized protocols Curve and Frax Finance. Additionally, the support of PYUSD trading pairs on the centralized exchange Crypto.com also played a role. The PayPal stablecoin entered the top 3 liquidity pools on Curve, which significantly increased its attractiveness.
According to The Block, the largest share of PYUSD in the Ethereum network is owned by Paxos, with $112 million. Next comes the Crypto.com exchange with $103 million, as well as Defiance Capital with $35 million. BitGo and Curve own PYUSD with $14.8 million and $14 million respectively.
History of creation and audit of PYUSD
In August 2023, PayPal launched its own stablecoin, which it has been working on since early 2022. In September 2023, Paxos conducted its first audit of PYUSD, confirming that the asset is fully collateralized, primarily through US Treasury repurchase agreements.
Thus, the stablecoin PYUSD from PayPal demonstrates significant growth and strengthening of its position in the cryptocurrency market. Thanks to strategic integration into large decentralized protocols and support on leading exchanges, PYUSD was able to achieve record capitalization and become one of the leaders among stablecoins.
