Paypal Stablecoin Experiences Redistribution Among Top Holders
The stablecoin ecosystem of Paypal has seen significant growth in October. There has been an increase in the number of unique addresses and transfers, as well as the issuance of more PYUSD. On September 30, 2023, there were 924 unique wallets holding PYUSD. Today, that number has risen to 1,438 holders. The number of transfers has also increased from 180 to 8,307 transactions. However, these figures are still relatively low compared to other stablecoins like USDT and USDC.
Since the end of September, the supply of PYUSD has grown by 49.22%. The circulation of Paypal’s stablecoins was at 94.39 million back then, but it now stands at 140.86 million. While a majority of PYUSD is held by a small number of addresses, there have been some notable changes in its distribution landscape.
Top Holders of PYUSD
Crypto.com currently holds the highest amount of PYUSD with 98.21 million tokens, accounting for 69.72% of the total supply. Paxos follows closely with holdings of 28.81 million tokens, and Kraken and Curve Finance also hold significant amounts. The identity of the seventh largest holder remains unknown but holds a substantial amount of PYUSD along with other digital assets.
Coinbase and Uniswap are among the top holders as well, and an anonymous entity received funds directly from Coinbase to become the tenth largest holder.
Hot Take: Paypal’s PYUSD Shows Significant Growth
Paypal’s stablecoin PYUSD has witnessed a redistribution among its top holders, leading to increased supply and a rise in the number of holders and transfers. While concentration is still evident, with the top 100 holders owning a majority of the supply, the distribution landscape has seen notable changes. This growth demonstrates the increasing popularity and adoption of PYUSD within the crypto community. As Paypal continues to expand its stablecoin ecosystem, it will be interesting to see how it competes with other established stablecoins in terms of transactions and market value.
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