PayPal stablecoin PYUSD it surpassed $1 billion in market capitalization on August 24, in line with CoinGecko information.
On X (previously Twitter) publishPYUSD issuer Paxos celebrated the feat, highlighting how shortly the stablecoin crossed an necessary milestone in comparison with its counterparts, the USD Coin (USDC) a Tether USD (USDT).
CoinGecko information reveals that it took 351 days for PYUSD to cross the billion mark, whereas USDC and USDT crossed the identical mark in 616 and 1024 days, respectively.
Notably, the vast majority of PYUSD's market cap is circulating on Solana, lower than three months after PayPal determined to develop its stablecoin issuance outdoors of Ethereum on Could 29.
Like on a series information reveals greater than $647 million in PYUSD is pledged to Solana, with roughly $430 million locked up as collateral for lending on the Kamino cash market platform.
The numerous quantity of PYUSD allotted to Kamino could be defined by the excessive Annual Proportion Yield (APY) that the platform affords, at the moment at 13.63% base and 14.6% with bonuses.
The second largest software for PYUSD is the USDC/PYUSD liquidity pool on the decentralized trade Orca, which has $50.4 million locked up.
On Ethereum, the vast majority of PYUSD is locked within the FRAX/PYUSD liquidity pool created on the Curve Finance decentralized trade with $19.5 million allotted.
Powerful competitors
Regardless of its fast progress, PYUSD nonetheless faces robust competitors, each on Solana and the broader stablecoin market.
On a series information reveals that USDT holds a $76 million lead over PYUSD on Solana. Nevertheless, this might quickly be reversed as PayPal stablecoins have risen 171% within the final 30 days, whereas USDT has fallen 1.35%.
Nevertheless, USDC is nearly 4x bigger than PYUSD within the Solana ecosystem, reaching $2.5 billion.
Within the broad stablecoin ecosystem, PYUSD is behind 5 different tokens in market cap. USDT dominates the $162 billion sector with a market cap of almost $118 billion.
USDC is the second largest stablecoin, approaching $35 billion. DAI is third with a market measurement of over $5.1 billion, whereas First Digital USD boasts a market cap of $3.1 billion. Athena USDe rounds out the $2.9 billion group.
