Paypal’s PYUSD Stablecoin Supply Surges
In the past month, the supply of Paypal’s stablecoin PYUSD has grown by over 72%, reaching 289.43 million PYUSD. This growth has made PYUSD the tenth largest USD-anchored stablecoin in the market.
Rapid Increase in PYUSD Supply
Since its introduction five months ago, the supply of PYUSD has risen dramatically. By the end of August, the total supply was 43.3 million. However, it has since increased by over 568%, reaching the current 289.43 million PYUSD. In the last 30 days alone, the supply has expanded by 72.4%.
Current Holders and Transfers
Currently, there are 4,943 distinct addresses holding PYUSD, and there have been 29,592 onchain transfers. PYUSD has become the tenth-largest stablecoin by market value, with Crypto.com as the largest holder, followed by Defiance Capital, Kraken, and Curve Finance.
PYUSD’s Position in the Stablecoin Market
Although PYUSD is the tenth-largest stablecoin, it stands out with an A- rating from bluechip.org’s stablecoin evaluations. It surpasses USDC’s B+ rating and USDT’s D rating. However, to elevate its rating to A, Paypal would need to disclose its reserve custodians’ details and demonstrate a stable peg for 180 days.
Impact and Future of PYUSD
PYUSD’s rapid growth and market presence highlight the increasing adoption and usage of stablecoins backed by financial institutions. As PYUSD continues to evolve, it provides a valuable case study on the dynamics of stablecoin markets and their role in the financial ecosystem.
Hot Take: PYUSD Emerges as a Major Player in Stablecoin Market
Paypal’s PYUSD stablecoin has experienced significant growth, becoming the tenth largest USD-anchored stablecoin. With its expanding supply and market value, PYUSD signifies the increasing prominence of stablecoins in the financial sector. Its swift rise in popularity demonstrates the demand for stable digital currencies backed by established financial institutions. As PYUSD continues its journey, it serves as a notable example of the evolving landscape of fiat-backed tokens and their impact on the digital currency space.
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