Stablecoin

Rally

PayPal USD

Pax Dollar

Gemini Dollar

In March, <a href="https://coinmarketcap.com/currencies/paypal-usd/" data-wpel-link="external" target="_blank" rel="nofollow external noreferrer">PayPal USD</a> (PYUSD), a stablecoin collaboration between PayPal and Paxos, witnessed a significant decline in circulation, dropping 39% from February to $188.5 million, as reported in Paxos’ latest transparency report. 
This decrease marked a shift from the stablecoin’s previous performance, with circulation reaching highs of $304 million in February and $301 million in January. 
The decline occurred despite the cryptocurrency market’s overall positive momentum, highlighted by Bitcoin’s surge to record highs above $73,000 on March 13. 
Notably, PYUSD’s market capitalization also fell from an all-time high of $312 million on February 26, data from CoinGecko indicates, although it slightly recovered by around 3% over the last week to $194 million. 
PayPal USD’s financial reserves as of March 29 included $14.9 million in United States Treasury bonds, contributing to a total net asset value of $192 million. 
The collateral backing PYUSD in U.S. Treasury bond-collateralized reverse repurchase agreements was valued at $177.9 million, reflecting the stablecoin’s strong backing despite its decreased circulation. 
READ MORE: <a href="https://www.cryptointelligence.co.uk/memecoin-mania-sector-skyrockets-with-unprecedented-1312-gains-outperforming-traditional-crypto-narratives/" data-wpel-link="internal">Memecoin Mania: Sector Skyrockets with Unprecedented 1,312% Gains, Outperforming Traditional Crypto Narratives</a> 
Launched in August 2023 through a partnership between PayPal and Paxos Trust, PayPal USD was introduced as a stablecoin aimed at facilitating digital payments and advancing Web3 initiatives. 
PYUSD maintains a 1:1 peg to the U.S. dollar, backed by a combination of U.S. dollar deposits, short-term Treasury securities, and other cash equivalents. 
Eight months post-launch, PYUSD has climbed the ranks to become the 13th largest stablecoin by market capitalization, surpassing Paxos’ own Pax Dollar (USDP) and the Gemini Dollar (GUSD), as per CoinGecko’s rankings. 
Despite its growth, PYUSD’s market value represents a mere 0.18% of Tether’s $106.6 billion market capitalization, underscoring the dominant position of Tether in the stablecoin market. 
The total market capitalization of all stablecoins stood at $155 billion at the time of the report. As the crypto community watches, the fluctuation in PYUSD’s circulation and market value underscores the volatile nature of digital currencies, even amidst broader market rallies. Paxos has not yet responded to inquiries about the drop in PYUSD circulation. 
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PayPal USD Stablecoin Circulation Drops 39% in March Amid Crypto Market Rally

Crypto Intelligence

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