PayPal’s U.S. dollar-pegged stablecoin, PYUSD, has surpassed its Ethereum network supply, achieving significant growth on the Solana blockchain, according to recent data.
Since its launch in May 2024, the supply of PYUSD on Solana has exceeded 377 million tokens. In comparison, Ethereum-based PYUSD tokens currently stand at 356 million, as reported by Etherscan.
PYUSD initially launched on Ethereum in August 2023 through a partnership with custodial firm Paxos. By the end of 2023, the supply of PYUSD on Ethereum had reached 230 million tokens. Since then, the total supply has more than tripled, surpassing 733 million tokens, equivalent to $733 million.
The expansion of PYUSD to Solana in May 2024 appears to have significantly boosted its supply on the network. Decentralized exchanges on Solana, such as Jupiter and Orca, have incorporated PYUSD into their liquidity pools, contributing to its rapid growth. This expansion comes alongside the presence of other major stablecoins like USDC and USDT on the Solana blockchain.
With a market capitalization of $733 million, PYUSD is now the fourth-largest centralized stablecoin, trailing behind Tether (USDT), Circle (USDC), and First Digital (FUSD). USDT leads with a market cap of $120 billion, followed by USDC with $36 billion.
This milestone underscores the growing significance of PYUSD in the stablecoin market and its expanding influence across different blockchain networks.
