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Home»ADOPTION NEWS»PayPal’s PYUSD stablecoin market cap increases to $290 million
ADOPTION NEWS

PayPal’s PYUSD stablecoin market cap increases to $290 million

By Crypto FlexsJanuary 13, 20243 Mins Read
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PayPal’s PYUSD stablecoin market cap increases to 0 million
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paypal’s PYUSD

+0.26%
The stablecoin, launched in August through a partnership with management company Paxos, has shown significant growth in market capitalization and is currently 290 million dollars.

Since launch, the total supply of PYUSD reached 43.3 million by the end of August. At the time, Paxos held 90% of PayPal’s PYUSD supply, indicating a concentrated distribution.

Its market capitalization has since surged more than fivefold, reaching $293 million, according to The Block’s pricing page. In particular, based on CoinGecko data, last month’s market capitalization increased 70% from $170 million. This establishes PayPal as one of the top 10 stablecoin issuers.

Tether USD is leading the stablecoin niche with a market capitalization of over $94 billion.

The adoption of PYUSD by centralized exchanges such as Crypto.com and Kraken and its integration into decentralized finance protocols appears to have contributed to the growth.

Additionally, the distribution of PYUSD has expanded. Crypto.com currently holds the largest share, accounting for 38.7% of the total supply with 112.8 million tokens. According to on-chain data provided by Nansen, DeFiance Capital followed with 39.1 million (13.4%), Curve with 32.4 million (11%), Kraken with 31.92 million, and Paxos with 30 million.

DeFi integration

DeFi protocols are starting to integrate stablecoins. Curve, a popular DEX protocol, currently includes a liquidity pool that includes decentralized stablecoins PYUSD and Frax, with a total value of $135 million. Pools enable trading between two stablecoins. Community members of Aave, a leading decentralized lending protocol, also proposed the integration of PYUSD.

“For PYUSD, there have been significant balance changes over the past 30 days, including a notable increase in the PYUSD/FRAX curve liquidity pool,” said Edward Wilson of Nansen.

Regarding on-chain activity, Nansen noted that he is primarily observing PYUSD being swapped for other stablecoins, WETH and ETH, and is looking forward to further integration with DeFi protocols.

The stablecoin’s daily trading volume hit about $29 million in the last 24 hours, which is just under 10% of its market capitalization.


Disclaimer: The Block is an independent media outlet delivering news, research and data. As of November 2023, Foresight Ventures is a majority investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information about the cryptocurrency industry. Below are our current financial disclosures.

© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.

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