PayPal’s Stablecoin Market Value Exceeds $500M
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PayPal and Paxos launched their U.S. dollar-pegged stablecoin in August 2023. Since then, the supply of PYUSD has grown significantly, surpassing the 500 million mark this month.
According to DeFiLlama data, the supply has more than doubled since its initial rollout, reaching 230 million by the end of 2023 and now exceeding 533 million.
This places PayPal among the top ten stablecoin issuers, with Tether USD being the dominant player with a supply of over 112 billion.
The growth of PYUSD has been fueled by its expansion to the Solana network in May, where it currently has 134.5 million tokens, while the majority of its supply (399 million tokens) remains on Ethereum.
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