In August 2024, the market capitalization of PayPal’s stablecoin PYUSD, backed by the US dollar, surpassed the $1 billion mark, according to CoinMarketCap.
At the same time, there has been a significant increase in PYUSD user activity. In August, the number of monthly active wallets reached over 26,000, more than quadrupling from 6,600 in May.
One of the key reasons for the growth in capitalization was the significant increase in PYUSD supply on the Solana network. Over the past three months, the volume of assets on this network grew from zero to $662 million, allowing Solana to surpass Ethereum in this regard.
Additionally, it is worth noting that the active growth of PYUSD is accompanied by increasing interest from institutional and retail investors in stablecoins, which may indicate further strengthening of PYUSD’s position in the digital asset market. This trend also reflects the broader adoption of cryptocurrencies as an alternative to traditional financial instruments, especially in light of current economic conditions.
