- PayPal celebrates PYUSD’s important milestone of attaining the $1 billion market cap figure.
- A recap of how the Solana network was central in PYUSD’s growth, and how it compares with Ethereum.
As a seasoned crypto investor who’s witnessed the rise and fall of numerous digital assets over the past few years, I must admit that PayPal’s PYUSD has caught my attention with its remarkable growth trajectory. The stablecoin’s journey from a humble beginning to surpassing $1 billion market cap within just a year is nothing short of impressive.
A full year has passed since PayPal introduced the PYUSD stablecoin, providing us with sufficient data to evaluate its effectiveness.
It is now clear that the stablecoin has performed incredibly well in its first year, and it just reached an important milestone, aided by Solana [SOL].
Initially, PYUSD began with a steady pace; however, it was when the stablecoin launched on the Solana network in May that things really picked up speed.
Since that time, it has experienced accelerated growth and more recently surpassed the milestone of having a market capitalization over $1 billion.
Given that PYUSD’s market capitalization was under $50 million just a year ago, reaching this latest milestone positions PYUSD among the swiftly rising stablecoins.
It highlighted just how well the stablecoin has been doing as an on-ramp, and adoption has been high courtesy of high yields in the Solana network.
The stablecoin’s marketcap is up by over 270% since the rollout on Solana.
Solana adoption was pivotal to PYUSD growth
In terms of dominance, the PYUSD token on the Solana blockchain surpassed the usage and adoption of PYUSD on the Ethereum (ETH) network during the first part of this month.
At the moment of this writing, the stablecoin supported by PayPal held approximately $662.07 million within the Solana system, representing about 65.74% of its total market capitalization. Additionally, around $345.09 million (34.26%) was found in the Ethereum network.
Until mid-August, the amount of PYUSD supplied on Ethereum was more significant. However, this rapid growth of the stablecoin on the Solana network is remarkably faster than its expansion on Ethereum.
The influence of Solana on PYUSD is clearly seen in its latest results. As reported by DefiLlama, PYUSD on the Solana network has increased by a substantial 29.36% over the past week and an even more impressive 177% during the last month.
Contrarily, the Ethereum network saw a decrease of 3.31% over the past week and only a minimal drop of 0.79% during the last four weeks.
In simple terms, PYUSD has quickly become the third-most-used stablecoin within the Solana blockchain community due to the attractive returns and benefits offered by the Solana platform.
To summarize, the young digital currency, PayPal’s PYUSD, has made substantial progress in just its first year. This promising debut could indicate further expansion as it becomes integrated with additional decentralized networks.
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2024-08-28 00:07