PayPal’s PYUSD Stablecoin Growth

PayPal’s Solana-based PYUSD stablecoin launched a few months ago, and its supply is rapidly approaching that of PYUSD tokens on the Ethereum network.

As of now, Solana-based PYUSD has a supply of nearly $240 million since its launch in May, according to a Dune analytics dashboard cited by the Solana Foundation. In comparison, Ethereum-based PYUSD tokens have a supply of about $348 million, as reported by The Block Data Dashboard.

The Ethereum-based PYUSD launched nearly a year ago.

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

Decentralized exchanges on Solana, such as Jupiter and Orca, have likely contributed to the increasing growth of PYUSD stablecoins within the Solana ecosystem.

In the broader context, PYUSD and Solana-based stablecoins represent a small fraction of the overall stablecoin market. The two dominant stablecoins, Tether’s USDT and Circle’s USDC, primarily utilize the Ethereum and Tron networks, with market caps of $120 billion and $36 billion, respectively, according to The Block Data Dashboard.