PayPal's PYUSD Stablecoin Flips Six Others to Rank as Sixth Largest by Market Capitalization After Launching on Solana

The market cap of PYUSD, PayPal's stablecoin, is up 97% in the past 30 days, according to CoinGecko. The token now ranks as the 6th largest st7ablecoin by market capitalization

PayPal’s stablecoin pegged to the U.S. dollar has enjoyed a surge in growth following its launch on Solana in May.

The market capitalization of PYUSD has surged by 97% in the past 30 days, making it the 6th largest stablecoin by market cap, according to CoinGecko.

Over the past 30 days, PYUSD has flipped six other stablecoins to claim the 6th spot. The token now boasts a market cap of $775.6 million, surpassing USDB, PAXG, TUSD, XAUT, FRAX, and USDD in the last 30 days.

The fintech giant launched PYUSD on Ethereum in August of 2023. The stablecoin enjoyed steady growth during its first 10 months of operating, with PYUSD boasting a market cap of $398.3 million as of May 29 — when the stablecoin launched on the Solana network.

Since launching on Solana, PYUSD has quickly emerged as the third largest stablecoin on the network, ranking behind USD Coin (USDC) and Tether (USDT).

Among Solana stablecoins, USDC is the clear leader with a market cap of $2.5 billion, followed by USDT at $723 million and PYUSD at $418 million.

PYUSD’s Solana-based capitalization overtook Ethereum on Aug. 9.

Solana Stablecoins Surged in 2024

Solana's stablecoin market enjoyed strong growth throughout 2024, posting growth of 107% in the past 10 months. Roughly $3.8 billion worth of stablecoin are currently circulating on Solana, up from $1.83 billion at the start of the year.

However, the capitalization of Solana-based stable tokens is down 38% from June 2022 its all-time high of $6.25 billion, according to DeFiLlama.

Solana now hosts the fifth-largest stablecoin economy in DeFi. Out of the $167 billion stablecoin market cap, Ethereum and Tron currently command 84% of the market with $81 billion and $59 billion, respectively.

BNB Chain comes in third with roughly $5 billion 2.99%, followed by Arbitrum with $4.52 billion or 2.70%, and Solana with 2.28%.

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