Categories
News

PayPal’s PYUSD Stablecoin Surges On Solana, Reaching $1 Billion Market Cap

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.

This milestone marks a significant step in PayPal’s mission to revolutionize global commerce through on-chain payments.

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.

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 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.

Disclosure: This is not trading or investment advice. Always do your research before buying any Metaverse crypto coins.