PayPal’s stablecoin, PYUSD, has achieved a significant milestone by exceeding $1 billion in market capitalization. This digital currency pegged to the US dollar has gained traction following its introduction and recent expansions.
PYUSD, an Ethereum-compatible ERC-20 token, is the only stablecoin integrated into PayPal’s payment system. We designed it to seamlessly connect with existing digital and fiat currencies and support a broad range of Web3 applications. To enhance its utility, PayPal has partnered with Anchorage Digital to offer a rewards program for users who store PYUSD with the crypto custodian.
The recent deployment of the stablecoin on the Solana blockchain has significantly boosted its growth. Collaborations with Crypto.com, Phantom, and Paxos supported this expansion. Additionally, PayPal partnered with MoonPay to facilitate cryptocurrency purchases and integrated with Polymarket to enhance crypto betting options.
Despite its progress, PYUSD is still trailing behind established stablecoins like Tether’s USDT and Circle’s USDC, which have market caps of approximately $118 billion and $35 billion, respectively. However, the increased adoption and incentives are driving PYUSD’s growth, with its supply on Solana now surpassing that on Ethereum.
