The cryptocurrency market is mired in neutral sentiment, with minor rebounds. Today's focus is on PayPal USD (PYUSD), which has shown significant growth in recent days.
Popularity Growth of PYUSD
Known for international transactions and various payment methods, PayPal has gained popularity in recent years, especially among crypto investors. This is due to the release of PYUSD, a widely used stablecoin tied to the dollar.
Substantial Progress
After its introduction to the market in August 2023, PYUSD quickly became the center of attention. With a $140.9 million increase in supply over 10 days, the token has positioned itself as the sixth largest stablecoin. PYUSD is now ahead of USDD, Tron's stablecoin, as well as USDB, PAXG, TUSD, and many others in the market. According to Coingecko, all this happened last month, as the market cap increased by nearly 97%.
Market Data and Prospects
According to Solscan data, the market value of PYUSD increased from around $651 million on August 6 to more than $791.6 million on August 17. Notably, 56.7% of the minting is taking place on the Solana platform, which significantly surpasses Ethereum. This could further increase, especially given that cryptocurrency exchange Bybit announced the integration of this token on Solana.
PYUSD continues to gain traction in the stablecoin market, demonstrating significant growth and popularity among crypto investors. Further growth and development of this token are anticipated in the future.
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