PayPal USD (PYUSD) Rises to Sixth-Largest Stablecoin After 97% Surge

• PYUSD has surged 97% in one month, moving up to become the sixth-largest stablecoin, surpassing competitors like USDD.
• On Solana, PYUSD’s market cap has doubled since May, positioning it as the third-largest stablecoin on the network.
• The recent integration of PYUSD on Solana by Bybit is likely to enhance its minting and market presence further.

PayPal USD (PYUSD), a dollar-pegged stablecoin launched by PayPal, has seen substantial growth in August. Since its debut in August 2023, PYUSD has rapidly ascended, reaching the sixth spot among stablecoins. The token’s market valuation has surged from $651 million on August 6 to over $791.6 million by August 17.

Rapid Growth and Market Impact

PYUSD has demonstrated significant momentum, growing its supply by $140.9 million in just ten days. This rapid increase has propelled it ahead of other stablecoins such as Tron’s USDD and various competitors like USDB and PAXG. The token’s market cap growth of 97% in a month, as reported by CoinGecko, highlights its rising prominence in the crypto space.

Solana’s Leading Role

Although PYUSD launched on Ethereum, it has gained significant traction on the Solana network. Initially, its market cap on Solana was $398.3 million in May. Since then, it has doubled, becoming the third-largest stablecoin on Solana, trailing only USDT and USDC. This shift has bolstered Solana’s position, making its stablecoin ecosystem the fifth largest, behind Ethereum, TRON, BNB, and Arbitrum.

The integration of PYUSD on Solana has been a key factor in its rapid growth. Bybit’s recent announcement of integrating PYUSD on Solana is expected to further boost its minting activity. Currently, 56.7% of PYUSD’s minting occurs on Solana, reflecting its expanding influence.