PayPal’s PYUSD Stablecoin: Surpassing Ethereum on Solana

PayPal’s stablecoin, PYUSD, has seen its supply on the Solana network surpass that on Ethereum. As of now, Solana holds over 377 million PYUSD tokens, while Ethereum’s supply stands at 356 million.

Launch and Growth

PYUSD launched on Ethereum in August 2023 in collaboration with Paxos. By the end of 2023, its supply was 230 million. Since then, the stablecoin’s total supply has grown significantly, exceeding 733 million ($733 million). This growth continued with its expansion to Solana in May 2024.

Integration and Expansion

On Solana, PYUSD has been integrated into decentralised exchanges like Jupiter and Orca, contributing to its supply increase. The presence of top stablecoins such as USDC and USDT on the Solana network may have further driven PYUSD’s growth.

With a market cap of $733 million, PYUSD ranks as the fourth-largest centralized stablecoin issuer. Tether (USDT) leads with a market cap of $120 billion, followed by Circle’s USDC at $36 billion.