In a remarkable feat, PayPal’s USD stablecoin (PYUSD) has achieved a $1 billion market capitalization just 383 days after its launch, outpacing USDC and USDT in growth rate.
The PayPal USD stablecoin is part of PayPal's mission to revolutionize commerce globally. This weekend, we reached a major milestone: over $1 billion in market capitalization! This is just the beginning, and we’re excited to keep growing for the future. pic.twitter.com/QEsaIkKf4Q
— PayPal (@PayPal) August 26, 2024
This milestone marks a significant step in PayPal’s mission to revolutionize global commerce through on-chain payments.
Over the weekend, PayPal USD (PYUSD) hit $1 billion in market cap just 383 days after launch. PayPal USD reached this milestone nearly 2x faster than USDC and 3x faster than USDT. pic.twitter.com/9w3jTTmmD7
— Paxos (@Paxos) August 26, 2024
PYUSD’s success can be attributed to its expansion on Solana, which offers faster settlement, lower costs, and programmability.
Solana’s unique token extensions feature has been instrumental in PYUSD’s growth, enabling confidential transfers, transfer hooks, and memo fields. These features have increased PYUSD’s utility, making it an attractive option for merchants and consumers.
NEW: $PYUSD (@PayPal $USD STABLECOIN) FLIPS $USDT IN 24H SOLANA-BASED ONCHAIN VOLUME pic.twitter.com/WusL0Occtk
— DEGEN NEWS (@DegenerateNews) August 26, 2024
Stablecoin Adoption Driven By Its Deployment On Solana
The stablecoin’s adoption has been driven by its deployment on Solana, which now accounts for 64% of the market share, surpassing Ethereum’s 36%. Token incentives in DeFi protocols like Kamino Finance have further boosted growth, with 81% of PYUSD on Solana being utilized in these protocols. The low transaction fees on Solana, averaging a tenth of a cent, have also contributed to PYUSD’s popularity.
PayPal's PYUSD stablecoin recently surpassed a $1 billion market cap!
It has increased by 271% since its launch on Solana, with Solana PYUSD accounting for 88% of that growth.
Why did PayPal choose to build on Solana and what’s driving PYUSD adoption? 🧵 pic.twitter.com/8NvOQYE0Bm
— Solana (@solana) August 26, 2024
PayPal envisions a three-phase roadmap for PYUSD’s mass adoption: awareness, utility, and ubiquity. With its Ethereum deployment, PYUSD achieved awareness, and its expansion on Solana has enhanced its utility. As PYUSD continues to grow, it’s clear that PayPal’s commitment to on-chain payments is paving the way for a new generation of digital payments.
1/2 In just three months, PayPal's $PYUSD on Solana surpassed its supply on Ethereum, where it launched a year ago!
Why?
Because of its use in DeFi. pic.twitter.com/beutXId0Mz
— Ignas | DeFi (@DefiIgnas) August 26, 2024
Disclosure: This is not trading or investment advice. Always do your research before buying any Metaverse crypto coins.