PayPal’s US dollar-pegged stablecoin, korean:
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— Launched in August 2023 in partnership with custody company Paxos, with a market supply of over 500 million tokens.
Since its launch, PYUSD’s supply has reached 230 million by the end of 2023. Since then, the stablecoin’s total supply has more than doubled, surpassing 500 million (or $500 million) this month, according to DeFiLlama data.
In particular, stablecoin supply has increased by 97% in the past month, from 270 million on June 26 to over 533 million today. This puts PayPal in the top 10 stablecoin issuers, while Tether USD leads the field with over 112 billion in supply.
PYUSD’s growth surge came after it expanded to the Solana network in May. A few months later, Solana hosts about 134.5 million PYUSD tokens, or 25.2% of the total supply. Meanwhile, there are about 399 million PYUSD stablecoins on Ethereum, according to The Block’s pricing page.
Adoption of PYUSD by centralized exchanges like Crypto.com and integration into decentralized finance protocols like Curve and Frax also appear to have contributed to the stablecoin’s growth over the past year.
Currently, Paxos holds the largest portion of PYUSD on Ethereum, holding 112 million tokens, or over 20% of the total supply. Crypto.com exchange is next with 103 million, Defiance Capital with 35 million, BitGo with 14.8 million, and Curve with 14 million, according to on-chain data provided by Nansen.
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