PayPal's PYUSD Stablecoin Defies Expectations With 140% Growth on the Solana Blockchain

As we approach the first year of existence of PYUSD, PayPal’s cryptocurrency, this stablecoin has already shown promising signs of success.

PayPal's (NASDAQ:PYPL) cryptocurrency, PYUSD, has experienced promising success in its first year of existence. Designed to facilitate cross-border payments, PYUSD has quickly gained popularity. Here's how the stablecoin experienced impressive growth on the Solana blockchain, defying initial expectations.

Impressive Growth of PYUSD Stablecoin on Solana

Launched last May on the Solana blockchain, PayPal's PYPL stablecoin, pegged to the US dollar, has seen爆発的な成長. In just a few months, the total circulating supply of PYUSD on Solana has surged by 230%, reaching close to $252 million.

In comparison, PYPL's PYUSD tokens on the Ethereum blockchain, launched in August 2023, have a circulating supply of $329 million, according to data from DefiLlama.

This distribution indicates that 56.6% of the total supply is on Ethereum, while 43.4% is on Solana.

Crucial to this rapid adoption has been the integration of PYPL's PYUSD crypto into decentralized exchanges on the Solana blockchain. By making the stablecoin more accessible, PayPal has facilitated its adoption, notably with its recent launch on the GCash mobile payments service in the Philippines via the Solana network.

This initiative saw trading volume飆升至1670万，surging by over 140% in just 24 hours.

Memecoins and PayPal's Crypto Adoption Drive

The increasing adoption of PYPL's PYUSD on Solana is part of a broader trend where companies are integrating cryptocurrencies into their offerings. While memecoins, cryptocurrencies often created for fun, captured the public's imagination, PYPL's PYUSD is positioned as a serious and stable solution for cross-border payments.

Back in May, PayPal announced that PYPL's PYUSD is now available on Solana, a blockchain known for its speedy transactions and low costs.

This move is designed to enhance transaction speed and efficiency, offering users more flexibility by allowing them to choose between multiple blockchains. Since this expansion, the token's supply has increased by over 90%, boasting a market cap of $582 million as of July 30, 2023.

Despite initial skepticism, with analysts at Bank of America predicting a slow adoption, the results have countered those projections. B

While PYPL's PYUSD and other Solana-based stablecoins still comprise a small portion of the stablecoin market, with Tether (CRYPTO:USDT) and Circle (CRYPTO:USDC) leading the pack with market caps of $114.4 billion and $33.7 billion, respectively, PYPL's PYUSD growth is evident.

Did the Securities and Exchange Commission's hurdles against PYPL impact its stablecoin? From the looks of it, not quite. But in a dynamic market, such statistics are bound to instill optimism among crypto investors.

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