Stablecoin

<ul>
 <li>It has just achieved a new milestone, becoming the sixth-largest dollar-pegged token.</li>
 <li>Now PYUSD is officially ahead of USDD, Tron’s stablecoin.</li>
</ul>
The cryptocurrency market is mired in neutral sentiment, with only little rebounds sprinkled. The market leader in cryptocurrencies, <a href="http://bitcoin.org" target="_blank" rel="noopener noreferrer nofollow">Bitcoin</a>, has increased its value by about 2% since yesterday, eyeing the $60,000 mark. Nevertheless, today’s main attraction is Paypal USD (PYUSD. A dollar-pegged token that has seen tremendous growth in recent days, occupying the position of the sixth biggest stablecoin.
Popular for international transactions and a variety of payment methods, digital payment service provider <a href="http://paypal.com" target="_blank" rel="noopener noreferrer nofollow">PayPal</a> has grown in popularity in recent years. In addition, crypto investors prefer this brand since it is crypto-friendly. Especially, because of the release of PYUSD, a widely used stablecoin that is tied to the dollar.
<h3 class="wp-block-heading" id="h-substantial-progress">Substantial Progress</h3>
Upon its introduction to the market in August 2023, PYUSD quickly became the center of attention. Not only has it added 500,000 transactions to the network, but it has also been ranked among the top 10 stablecoins. It has just achieved a new milestone, becoming the sixth-largest dollar-pegged token, thanks to an $140.9M increase in its supply in only 10 days.
Now PYUSD is officially ahead of USDD, <a href="https://thenewscrypto.com/tron-network-achieves-annual-peak-with-7-99-million-daily-transactions/" target="_blank" rel="noopener noreferrer nofollow">Tron’s</a> stablecoin, as well as USDB, PAXG, TUSD, and many more in the market. According to Coingecko, all of this occurred during the last month, during which time its market cap increased by nearly 97%.
According to Solscan data, the market worth of this token increased from around $651 million on August 6 to more than $791.6 million on August 17.
Most notably, 56.7% of the minting is taking place on <a href="https://thenewscrypto.com/solayer-labs-unveils-solana-restaking-amid-binance-labs-support/" target="_blank" rel="noopener noreferrer nofollow">Solana</a>, which is much greater than Ethereum. Given that cryptocurrency exchange Bybit has announced the integration of this token on Solana, this may potentially increase even more.
Highlighted Crypto News Today:
<a href="https://thenewscrypto.com/leading-crypto-gainers-spotted-over-the-past-24-hours/" target="_blank" rel="noopener noreferrer nofollow">Leading Crypto Gainers Spotted Over the Past 24 Hours</a>

Paypal USD (PYUSD) Surges to Sixth Largest Stablecoin Rank

Table of Contents

TheNewsCrypto

Other articles published on Aug 17, 2024

OKX Wallet Partners with Nubit to Enable Trustless Indexing for the Bitcoin Ecosystem

Coinbase Analysts See Sustained Institutional Interest in Bitcoin ETFs Despite Market Challenges

6 Presale Cryptos You Won’t Want to Miss for the Next Bull Market

US Confirmed to Be Selling Silk Road Bitcoins Per the Coinbase Agreement

Salary Payments In Cryptocurrency Approved by Dubai Court In Latest Related Case

What to Expect in Bitcoin and Ethereum in the Coming Weeks? Here are the Remarks of Two Experts

Join our free newsletter for daily crypto updates!