PayPal's stablecoin, known as PYUSD, recently hit a significant milestone by reaching a market cap of $1 billion, according to CoinMarketCap data.
Reaching $1 Billion Market Cap
Launched in 2023 and pegged to the US dollar, PYUSD has surpassed $1 billion in total market capitalization. This stablecoin is issued by Paxos Trust Company, a US-regulated crypto custodian. PYUSD is backed 1:1 by US dollars, ensuring stability and trust for its users.
Launch and Integration of PYUSD
Since its launch in 2023, PYUSD, which operates as an Ethereum-compatible ERC-20 token, has been integrated into PayPal's payment infrastructure. This makes it easily adoptable for developers, wallets, and Web3 applications.
Partnerships and Growth of PYUSD
To enhance the accessibility of PYUSD, PayPal has partnered with various companies and platforms. In May, the stablecoin was launched on the Solana blockchain in collaboration with Crypto.com, Phantom, and Paxos. Additionally, PayPal teamed up with MoonPay to enable cryptocurrency purchases via PayPal accounts and collaborated with Anchorage Digital to create a rewards program for clients who hold PYUSD with the custodian.
These efforts are part of PayPal's broader strategy to integrate its stablecoin into the growing digital finance landscape, making PYUSD a preferred stablecoin for both users and developers.
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