PayPal's (PYUSD) Stablecoin Weekly Transaction Volumes Soar to Over $500M After Joining the Solana (SOL) Ecosystem

Ever since Paypal joined the Solana (SOL) ecosystem, the volume for its stablecoin has exceeded 300 million weekly trades.

PayPal’s (NASDAQ:PYPL) stablecoin has seen its weekly trading volume soar to over $500 million, a significant rise from the previous volume of $150 million.

The stablecoin, called PYUSD, has seen its weekly transaction volumes increase substantially following its expansion to the Solana (CRYPTO:SOL) blockchain in May.

The move has led to a 90% increase in the market supply of PYUSD, which now stands at over half a billion dollars, according to data from DeFiLlama.

A closer look at the supply distribution reveals that 74% of the total PYUSD supply is on Ethereum (CRYPTO:ETH), while the remaining 25% is on Solana.

On May 29, the online payment giant announced that its stablecoin will launch on the Solana blockchain.

The company made the announcement in hopes of making PYUSD faster and cheaper to use. The move to the Solana network provides users with more blockchain options for PYUSD.

The new PYUSD stable coin is a sleeper hit on Solana.

It only has a $134m market-cap (USDC has a $2.4 billion market cap), and PayPal can charge a transfer-fee for using their currency.

This is a _huge_ step in terms of using Solana as a legit financial alternative.

This also…

Over the past week, the supply of PYUSD on Solana has surged by 61%, while its supply on Ethereum has decreased by 7%.

This growth has contributed to the overall increase in trading volume for the stablecoin, whose weekly transaction volumes have tripled and reached $500 million by the end of last month.

The surge has prompted Solana developer Paul Fidika to describe PYUSD as the “sleeper hit on Solana,” bolstering the blockchain’s position as a viable financial alternative.

He also noted that this Solana integration is taking use-case value away from fintech giants like Coinbase and Circle.

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