PayPal’s Stablecoin $PYUSD Thrives On Solana With Significant Growth In DeFi And DEX Markets

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.

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 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.

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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