PayPal’s stablecoin, $PYUSD, has rapidly carved out a robust ecosystem on the Solana blockchain. In just a short period, it has been seamlessly integrated into the DeFi landscape and is now widely available across major decentralized exchanges (DEXs).
Over the past month, $PYUSD has seen a remarkable 21% surge in market capitalization, propelling its total market cap to approximately $400 million. This milestone positions $PYUSD as the tenth-largest stablecoin in the market.
Talking about stable coins,
PayPal’s stablecoinb $Pyusd has gained over 21% increase in Market cap in the last month.
It currently has about $400m MC earning the position of the tenth largest stable coin in the market
Source: @intotheblock pic.twitter.com/jKot54ZMk6
— WonderGirl 🥷 (@Onlywondergirl) May 31, 2024
Kamino Finance has played a pivotal role in the expanding $PYUSD ecosystem by providing highly attractive deposit yields. Currently, investors can earn over 20% APY on their $PYUSD deposits through Kamino, drawing significant interest from the DeFi community.
@PayPal's new stablecoin $PYUSD is already forming an ecosystem on Solana
As seen below, it's being integrated into the DeFi ecosystem & is available across major DEXs.
But 1 protocol stands out – @KaminoFinance that has captured a sizeable chunk of the growing $PYUSD… pic.twitter.com/JrjAlh1ukH
— Vybe Network (@Vybe_Network) July 2, 2024
PayPal’s Popularity Spans To Having Over $400 Million $PYUSD In Circulation
The popularity of PayPal’s stablecoin has been on an upward trajectory for the past year. With over $400 million $PYUSD now in circulation, around 30% of it is actively utilized in DeFi platforms. Notably, over $50 million is traded on decentralized exchanges, with Curve being a primary venue.
the PayPal stablecoin $pyUSD has been getting more traction every day for a year
right now over $420m pyUSD are circulating, of which 30% is in DeFi, and over $50m is in decentralized exchanges (mostly on Curve)
— Worms (@MarcoWorms) July 1, 2024
As $PYUSD continues to gain traction, its integration into the DeFi and DEX ecosystems on Solana highlights its growing significance in the stablecoin market.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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