PayPal's PYUSD Stablecoin Makes Waves on Solana Blockchain Despite Slow Adoption Predictions
- WBOYOriginal
- 2024-07-31 00:27:31501browse
PayPal's PYUSD stablecoin has been making waves on the Solana blockchain since its launch in May. Despite its rapid growth, it still holds a relatively small market share compared to other stablecoins.
PayPal’s PYUSD stablecoin has seen a 230% increase in its total circulating supply on the Solana blockchain over the past 30 days, according to Dune data.
As of now, Solana-based PYUSD tokens boast a supply of nearly $252 million since their debut on May 29. In comparison, Ethereum-based PYUSD tokens, which launched in August 2023, have a total circulating supply of $329 million.
A deeper analysis of the stablecoin’s distribution reveals that 56.6% of the total supply resides on Ethereum, while the remaining 43.4% is on Solana. This shift toward Solana can be attributed to the integration of PYUSD into decentralized exchanges on the Solana network, making it more accessible and driving adoption.
In late May, PayPal announced the launch of PYUSD on the Solana blockchain. The move aimed to enhance transaction speed and cost-effectiveness. By offering users the flexibility to choose between multiple blockchains, PYUSD provides greater control over transactions.
Solana’s reputation for processing high volumes of transactions quickly and efficiently has contributed to the token’s surge in supply, which now stands at $582 million as of July 30.
Despite initial skepticism from Bank of America analysts Alkesh Shah and Andrew Moss, who predicted slow adoption, PYUSD has defied expectations. Its rapid growth showcases the stablecoin’s resilience and appeal.
However, it’s important to note that PYUSD and other Solana-based stablecoins still account for only a small portion of the vast stablecoin market. Tether’s USDT and Circle’s USDC remain the dominant players, with market caps of $114.4 billion and $33.7 billion, respectively. While PYUSD’s growth is impressive, it faces stiff competition in this competitive landscape.
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