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Home»ADOPTION NEWS»Solana-based PayPal stablecoin supply narrows gap with Ethereum PYUSD
ADOPTION NEWS

Solana-based PayPal stablecoin supply narrows gap with Ethereum PYUSD

By Crypto FlexsJuly 29, 20242 Mins Read
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Solana-based PayPal stablecoin supply narrows gap with Ethereum PYUSD
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Stablecoin • July 29, 2024 5:17 PM EDT

Posted 1 minute earlier In ~

PayPal located in Solana korean:

+0.15%
The stablecoin was launched a few months ago and its token supply already appears to be bridging the gap with the PYUSD token on the Ethereum network.

According to the Dune analytics dashboard cited by the Solana Foundation, the Solana-based PYUSD stablecoin currently has a supply of approximately $240 million since its launch in May. According to The Block Data Dashboard, the Ethereum-based PYUSD token has a supply of approximately $348 million.

PYUSD on Ethereum was launched about a year ago.

“This rapid growth highlights the strength and efficiency of the Solana network,” said Sheraz Shere, GM of Payments at the Solana Foundation.

Solana-based decentralized exchanges such as Jupiter and Orca, which added PYUSD, may have contributed to the rapid growth of the PYUSD stablecoin on the Solana network.

Overall, PYUSD and Solana-based stablecoins make up a relatively small portion of the overall stablecoin market. The supply for the two major stablecoins, Tether’s USDT and Circle’s USDC, is primarily powered by the Ethereum and Tron networks. According to The Block Data Dashboard, USDT and USDC have a market cap (supply) of $120 billion and $36 billion, respectively.


Disclaimer: The Block is an independent media outlet providing news, research and data. As of November 2023, Foresight Ventures is the largest 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 on the cryptocurrency industry. Current financial disclosures include:

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

About the Author

RT Watson is a senior reporter at The Block, covering a wide range of topics including corporate America, blockchain gaming, and NFTs. Previously, he covered entertainment at The Wall Street Journal, writing about Disney, Netflix, Warner Bros., and the creator economy, with a focus on technological disruption across media. Prior to that, he covered corporate, economic, and political news in Brazil at Bloomberg. RT has interviewed a wide range of people, including CEOs, media moguls, major influencers, politicians, blue-collar workers, drug dealers, and convicted criminals. He holds a Master’s degree in Digital Sociology.

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