PayPal dollar sign PYUSD
+0.0028%
The token has been losing market share since it surpassed $1 billion in late August, making it the fourth-largest stablecoin. The token’s current market cap is $618 million, down 40% over the past month and a half.
PayPal USD was launched in August 2023. Ethereum 
ETH
+0.34%
It is now available on mainnet. Solana 
brush
-0.93%
Blockchain will be launched on May 29, 2024. By mid-August, PayPal Solana’s stablecoin supply Ethereum supply has been exceeded.
The growth of stablecoins has been largely fueled by a partnership between PayPal and Kamino Finance, a Solana lending marketplace that has agreed to make generous payments. purchase Available to PYUSD holders subsidized by the payments giant. The yield paid out on Kamino’s PYUSD deposits in recent weeks is: sixth largest Across all chains, TVL’s lending protocol is at around 17%. 7% or less. Solana-based protocols Drift and Marginfi have also seen their double-digit annual rewards for PYUSD holders take a hit.
“PYUSD circulating supply has grown to full round-trip with @KaminoFinance incentives decreasing,” said DragonFly Capital Managing Partner Haseeb Qureshi. said on X. “What is the lesson here?”
However, the trend may reverse. On Tuesday, Kamino added PYUSD to its “altcoin market,” allowing users to borrow against WIF, POPCAT, and BONK memecoin positions. Under this agreement, depositors will receive additional PYUSD rewards totaling $10,000 each week.
In comparison, the current PYUSD lender on Etheruem-based decentralized exchange Aave is earn About 4.3%.
Over a similar six-week period, the market capitalization of the two largest stablecoins, USDT and USDC, remained relatively stagnant. Since August 31, Tether’s stablecoin has seen its market capitalization increase by an additional $1 billion, while Circle’s token has increased and then decreased its value by $2 billion.
Solana-based PYUSD market cap is currently around 1st. $267 millionIt’s down from a high of more than $600 million set in August. Meanwhile, over $350 million worth of PYUSD tokens are in circulation on Ethereum.
That said, the overall cross-chain PYUSD market cap is still up 375% year-over-year, according to CoinGecko data. It is currently the 9th largest stablecoin by market capitalization.
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