Paypal’s Stablecoin Supply Surges, but Falls Short of Giants
Paypal’s stablecoin, PYUSD, has seen a 60% increase in supply in less than a month. However, it still has a long way to go to compete with the top stablecoins in the market. Here are the key points:
- There are currently 43.3 million PYUSD in existence, held by approximately 346 addresses.
- Only 1,462 transfers have been recorded since the stablecoin’s launch.
- The Paxos-operated contract address holds 34.99 million PYUSD, accounting for 80.8277% of the total supply.
- Crypto.com holds the third and fourth-largest PYUSD wallets, with 2.79 million and 1,101,601 PYUSD respectively.
- The PYUSD supply ranks 24th among the top 50 stablecoins, with a market capitalization similar to MIM and BOB at $49 million.
However, when compared to giants like USDT and USDC, PYUSD’s market share is minuscule. It represents only 0.052% of USDT’s $82 billion market capitalization and 0.16% of USDC’s $26.12 billion valuation. While Paypal’s brand recognition offers advantages, PYUSD still has a long way to go to become a prominent player among stablecoins.
Hot Take:
While Paypal’s stablecoin has seen some growth, it is still far behind the leading stablecoins in terms of market share and trading activity. PYUSD will need to significantly increase its engagement and market presence to compete with the giants in the space.
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