The market cap of PYUSD jumped 70% from $170 million in the last month.
With this, PayPal is now one of the top 10 stablecoin issuers.
Launched in August via a cooperation with custodian company Paxos, PayPal’s stablecoin has seen significant growth in market value, presently surpassing $290 million.
By the end of August, the total supply of PYUSD had increased to 43.3 million after its launch. During that period, a concentrated distribution was evident as 90% of PayPal’s PYUSD supply was controlled by Paxos.
Bold Entry into Top 10 Stablecoin Issuers
Lately, the market valuation is $293 million, up fivefold. Importantly, according to CoinGecko statistics, the market cap jumped 70% from $170 million in the last month. With this, PayPal is now one of the top 10 stablecoin issuers.
Tether (USDT) market valuation of approximately $94 billion puts it in first place among stablecoins. PYUSD seems to have grown in popularity due to its incorporation into decentralized finance protocols and its acceptance on centralized exchanges like Crypto.com and Kraken.
To gauge interest in possible PYUSD onboarding into their Ethereum pool, Aave is now doing a community assessment. The first voting ended on January 11th and will follow the launch of the PYUSD on the automated market maker Curve in late December.
Moreover, PYUSD is now more widely distributed. With 112.8 million tokens, or 38.7 percent of the entire supply, Crypto.com now has the biggest chunk. According to Nansen’s on-chain statistics, DeFiance Capital comes in at 39.1 million, followed by Curve at 32.4 million (11%), Kraken at 31.92 million, and Paxos at 30 million.
The rise of PYUSD as a stablecoin exemplifies a significant shift in the realm of digital currencies. Its meteoric rise to prominence in the market and widespread acceptance of stablecoins backed by established financial institutions are noteworthy developments.