PayPal\'s PYUSD Stablecoin Weekly Trading Volume Exceeds $300 Million After Integrating with the Solana (SOL) Ecosystem

Ever since PayPal integrated with the Solana (SOL) ecosystem, its stablecoin PYUSD has seen its weekly trading volume exceed 300 million transactions.

PayPal (NASDAQ:PYPL) stablecoin PYUSD saw its weekly trading volume exceed 300 million transactions, وذلك بفضل integration with the Solana (SOL) ecosystem.

What Happened: PYUSD’s weekly transaction volumes have soared to over $500 million, significantly up from the previous $150 million. The growth follows PayPal’s expansion of PYUSD to the Solana blockchain in May, which resulted in a 90% rise in its market supply, now crossing half a billion dollars.

According to DeFiLlama, the total supply of PYUSD across Solana and Ethereum (CRYPTO:ETH) stands at roughly $534 million. Out of this, 74% is held on Ethereum, while the remaining 26% is on Solana.

See More: Best Stablecoins To Buy Now

PYUSD is pegged to the U.S. dollar on a 1:1 basis and is designed to facilitate fast and low-cost payments. The stablecoin is minted and burned by authorized institutions, such as PayPal, to maintain its peg.

PayPal announced the launch of PYUSD on the Solana blockchain on May 29. The integration aimed to enhance the speed and cost-efficiency of transactions, providing users with more blockchain options for PYUSD.

Solana Network Surges: In the past week, PYUSD’s supply on Solana surged by 61%, while its supply on Ethereum decreased by 7%. This shift has driven the overall increase in trading volume, with weekly transaction volumes tripling to $500 million by the end of last month.

Solana has been positioning itself as a competitive financial blockchain, and this integration is shifting use-case value from fintechs like Coinbase (NASDAQ:COIN) and Circle to Solana, according to Paul Fidika, a prominent Solana developer.

“PYUSD is the sleeper hit on Solana, making Solana the financial chain of choice. We're seeing the use case value being shifted from FiTechs like Coinbase and Circle to Solana. Get ready for the next wave of adoption,” Fidika noted in a tweet.

Solana is known for its high throughput and low transaction fees, making it suitable for applications like decentralized finance (DeFi) and stablecoins. The integration of PYUSD on Solana is expected to further boost the blockchain’s usage and visibility in the stablecoin market.

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