Ethereum

Stablecoin

Solana

when

<ul> 
 <li aria-level="1">PayPal’s PYUSD stablecoin surpassed a $1 billion market cap, heavily supported by its integration on the Solana network.</li> 
 <li aria-level="1">Initially launched on Ethereum, PYUSD’s rapid growth escalated after transitioning to Solana, boasting a 270% market cap increase.</li> 
</ul> 
PayPal’s PYUSD stablecoin has recently surpassed the $1 billion market cap milestone, a significant achievement within a year of its launch. 
This success was significantly bolstered by its integration with the Solana network, which has played a crucial role in its rapid growth, particularly in comparison to its performance on the Ethereum network. 
As we report on ETHNews, <a href="https://www.ethnews.com/is-ethereum-losing-its-edge-paypals-pyusd-finds-a-new-home-on-solana/">PYUSD experienced modest growth</a>, but its trajectory changed dramatically after its introduction to the Solana network in May. Since then, the stablecoin has seen a robust increase in market cap, rising from under $50 million a year ago to over $1 billion recently.&nbsp; 
<h2 id="b-this-growth-rate-positions-pyusd-among-the-fastest-growing-stablecoins-in-the-market-b">This growth rate positions PYUSD among the fastest-growing stablecoins in the market</h2> 
The decision to <a href="https://www.ethnews.com/paypal-launches-pyusd-stablecoin-on-solana-to-boost-retail-payments/">launch PYUSD on Solana</a> proved to be a turning point. Currently, about 65.74% of PYUSD’s total market cap, approximately $662.07 million, is held within the Solana ecosystem. In contrast, around $345.09 million, or 34.26%, is on the Ethereum network.&nbsp; 
This distribution marks a significant shift; PYUSD’s presence on Ethereum was more dominant until mid-August when the scales tipped in favor of Solana due to its compelling yield opportunities. 
The performance metrics on Solana are particularly notable. According to data from DefiLlama, <a href="https://www.ethnews.com/solanas-support-skyrockets-paypals-pyusd-stablecoin-to-new-highs/">PYUSD on Solana</a> has increased by 29.36% over the past week and an impressive 177% over the last month. 
<figure id="attachment_89580" aria-describedby="caption-attachment-89580" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-89580" src="https://www.ethnews.com/wp-content/uploads/2024/08/PYUSD_1Y_graph_coinmarketcap.jpeg" alt="PYUSD_1Y_graph_coinmarketcap" width="1200" height="800">
 <figcaption id="caption-attachment-89580" class="wp-caption-text">
 Source: CoinMarketCap
 </figcaption>
</figure> 
Meanwhile, on the Ethereum network, PYUSD’s figures have seen a decline, with a 3.31% drop over the past week and a slight decrease of 0.79% over the past month. 
<figure id="attachment_89584" aria-describedby="caption-attachment-89584" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-89584" src="https://www.ethnews.com/wp-content/uploads/2024/08/PYUSD-ON-DeFillama.jpg" alt="PYUSD-ON-DeFillama" width="1055" height="385">
 <figcaption id="caption-attachment-89584" class="wp-caption-text">
 Source: DefiLlama
 </figcaption>
</figure> 
As PayPal’s PYUSD continues to expand its footprint in the cryptofinancial market, its performance on Solana underscores the strategic importance of choosing a robust network that aligns with the financial product’s growth objectives and market expectations. 
<div class="cryptoboxes" id="mcw-12347" data-realtime="on">
 <div class="mcw-chart mcw-chart-light" data-font="inherit" data-chartcoin="SOL" data-chartcurrency="USD" data-chartrate="1.000268" data-charttype="chart" data-chartview="day" data-charttheme="light" data-chartsmooth="true" data-chartareacolor="" data-chartbgcolor=""></div>
</div> 
The current price of Solana (SOL) is approximately $146.01 USD, having decreased by 8.09% over the past 24 hours. Today’s trading range has been between $145.59 and $146.96 USD, while the 52-week range has been between $17.46 and $209.70 USD.&nbsp; 
Solana’s market capitalization stands at $68.062 billion, and the trading volume over the last 24 hours is about $2.84 billion. 
The post <a href="https://www.ethnews.com/how-solana-outpaced-ethereum-in-the-stablecoin-stakes-pyusds-meteoric-rise/">How Solana Outpaced Ethereum in the Stablecoin Stakes: PYUSD’s Meteoric Rise!</a> appeared first on <a href="https://www.ethnews.com">ETHNews</a>.

How Solana Outpaced Ethereum in the Stablecoin Stakes: PYUSD’s Meteoric Rise!

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