Companies Editor's Picks News

PayPal PYUSD Market Cap Surges 70% in One Month. Is It the Best Stablecoin Right Now?

PayPal's PYUSD stablecoin Surpasses $290 Million in Market Capitalization

In a month marked by notable changes in the cryptocurrency landscape, PayPal PYUSD stablecoin has seen an impressive 70% growth, raising its market capitalization to more than $290 million.

This digital currency, launched in August 2023 in collaboration with the custody firm Paxos, has gone from being a newcomer to establishing itself as one of the ten most prominent stablecoin issuers.

At the time of its launch, the total supply of the crypto reached 43.3 million at the end of August, with Paxos holding 90% of PayPal’s supply in escrow.

This initial concentrated distribution approach has evolved, and today, Crypto.com leads the distribution with 112.8 million tokens, representing 38.7% of the total supply.

Other major Paypal partner holders include DeFiance Capital, Curve, Kraken and Paxos

The adoption of the Paypal stablecoin on centralized exchanges such as Crypto.com and Kraken has contributed significantly to its growth.

Furthermore, its integration into decentralized finance (DeFi) protocols such as Curve has strengthened its position in the market.

PayPal´s PYUSD market cap surges 70% in one month. Is it the best stablecoin right now?

The liquidity pool of Papypal and the decentralized stablecoin Frax on Curve, with a total value locked of $135 million, facilitates trading between both stablecoins.

On-chain activity reveals significant changes over the last 30 days, highlighting a notable increase in the PYUSD/FRAX liquidity pool on Curve.

PYUSD swaps into other stablecoins, WETH and ETH, are also seen on the blockchain, signaling greater integration with DeFi protocols in the future.

According to official figures provided by CoinGecko, PYUSD recorded a daily trading volume close to $23 million, which is equivalent to almost 10% of its market capitalization.

Although this indicator suggests healthy trading activity, it is worth noting that Tether (USDT) continues to lead the stablecoin niche with a market capitalization exceeding $94 billion.

The rapid evolution of PYUSD highlights the growing interest and adoption in the cryptocurrency space.

Its expansion on exchanges, the diversification of its distribution and its active participation in DeFi protocols indicate a promising future for this stablecoin backed by PayPal.

As it continues to defy expectations, PYUSD establishes itself as a significant force in the changing landscape of digital finance.

Related posts

Ukraine approves the use of cryptocurrencies

maximiliano

$6.5 Million In BTC Seized By US Authorities From ‘Banana Fund’ Ponzi scheme

ibrahim

Breaker Magazine Shuts Down due to the lack of a workable business plan

alfonso