PayPal Stablecoin (PYUSD) Market Cap Reaches $733 Million, Becoming the Fourth-Largest Stablecoin

The supply of PayPal's stablecoin, PYUSD, on Solana now stands at 377 million, while on Ethereum it is “only” 356 million.

PayPal's stablecoin, PYUSD, has now reached a total supply of 733 million units, with 377 million on Solana and 356 million on Ethereum.

Launched on the Ethereum network in August 2023 through a partnership with Paxos, PayPal's US dollar-pegged stablecoin had a supply of 230 million units by the end of the year.

The stablecoin was subsequently introduced on the Solana network in May of this year, with Solana-based decentralized exchanges like Jupiter and Orca adding PYUSD to their pools.

With a market cap of $733 million, PayPal's stablecoin ranks fourth behind Tether (USDT), USDC Circle, and First Digital (FUSD). According to data from The Block, USDT and USDC have market caps of $120 billion and $36 billion, respectively.

Backed by USD deposits, cash equivalents, and short-term US Treasuries, PayPal's stablecoin is pegged 1:1 to the dollar.

In a significant move, PayPal announced on March 4 that its American customers can now make international transfers using the stablecoin PYUSD as part of the Xoom cross-border payment service, allowing users to convert PYUSD to USD and send it to recipients in about 160 countries. Notably, PayPal does not charge any transaction fees for such transfers.

Highlighting the growing importance of stablecoins in the market, which showcases the actual use of blockchain technology in payments and the broader economy, especially for residents of countries with underdeveloped payment and financial systems and limited online banking, PayPal appears to be strategically expanding its stablecoin's reach and applications.

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