Stablecoin

Solana

DeFi

<h4><strong>The recent developments indicate a significant shift in perception. </strong></h4> 
<p>A remarkable surge in PYUSD supply suggests unexpected demand for the PayPal-backed stablecoin.</p> 
<h5><strong>PYUSD: Emerging Alternative in DeFi</strong></h5> 
<p>PYUSD entered the <a href="https://www.altcoinbuzz.io/?s=solana+ecosystem" target="_blank" rel="noopener">Solana ecosystem</a> on May 29th with a modest circulating supply of 5 million tokens. This launch occurred amid a backdrop where approximately 400 million PYUSD tokens were already in circulation on Ethereum, marking its debut on a decentralized network. Despite its relatively small start on Solana, PYUSD has rapidly gained momentum in terms of usage and adoption within the network.</p> 
<p>According to data from <a href="https://analytics.step.finance/defionsolana/token/2b1kV6DkPAnxd5ixfnxCpjxmKwqjjaYmCZfHsFu24GXo?type=supply&amp;timeframe=1m" target="_blank" rel="noopener">Step Finance</a>, the circulating supply of PYUSD on Solana has skyrocketed to 165.4 million tokens as of recent reports. This staggering increase reflects a growth rate of approximately 2,500% since its launch just weeks ago, underscoring the rapid uptake and utilization of PYUSD among Solana users.</p> 
<p><img decoding="async" class="wp-image-145358 aligncenter" src="https://www.altcoinbuzz.io/wp-content/uploads/2024/07/cxzvcxfdfdfd-300x242.png" alt="" width="510" height="412" srcset="https://www.altcoinbuzz.io/wp-content/uploads/2024/07/cxzvcxfdfdfd-300x242.png 300w, https://www.altcoinbuzz.io/wp-content/uploads/2024/07/cxzvcxfdfdfd.png 637w" sizes="(max-width: 510px) 100vw, 510px"></p> 
<p>The surge in PYUSD issuance on Solana not only highlights its increasing popularity but also positions it as a formidable contender to Ethereum-based stablecoins. This growth suggests a robust demand for PayPal’s stablecoin alternative within the Solana ecosystem.&nbsp; This is possibly driven by lower <a href="https://www.altcoinbuzz.io/?s=transaction+fees" target="_blank" rel="noopener">transaction fees</a> and faster transaction speeds inherent to the Solana blockchain.</p> 
<h5><strong>More About PYUSD</strong></h5> 
<p><a href="https://x.com/KaminoFinance" target="_blank" rel="noopener">Kamino</a> has recently tripled its incentives for $PYUSD, boosting weekly rewards from 39,000 to 117,000 $PYUSD. This move aims to attract increased inflows, enhancing the platform’s liquidity and participation. Additionally, depositors now earn three times the Kamino Points, adding further incentives for engagement.</p> 
<p><img decoding="async" class="wp-image-145359 aligncenter" src="https://www.altcoinbuzz.io/wp-content/uploads/2024/07/vcxgbhgjjghjh-300x300.jpg" alt="" width="512" height="512" srcset="https://www.altcoinbuzz.io/wp-content/uploads/2024/07/vcxgbhgjjghjh-300x300.jpg 300w, https://www.altcoinbuzz.io/wp-content/uploads/2024/07/vcxgbhgjjghjh-150x150.jpg 150w, https://www.altcoinbuzz.io/wp-content/uploads/2024/07/vcxgbhgjjghjh.jpg 391w" sizes="(max-width: 512px) 100vw, 512px"></p> 
<h6 style="text-align: center;"><strong>Source: <a href="https://x.com/KaminoFinance/status/1808149735892476140" target="_blank" rel="noopener">X</a></strong></h6> 
<p>Karmino has demonstrated its economic significance in Solana with rapid movements. This <a href="https://x.com/y2kappa/status/1807820642600776076" target="_blank" rel="noopener">includes</a> a $6 million supply and $1.5 million borrowed within an hour for $PYUSD. Kamino serves as a vibrant economic hub within the Solana ecosystem. It facilitates activities such as supply, borrowing, liquidity provision, long and short positions, looping, and farming, thus fostering dynamic interactions in DeFi.</p> 
<p><a href="https://www.patreon.com/altcoinbuzz" target="_blank" rel="noopener"><img decoding="async" class="alignnone size-full wp-image-123700" src="https://www.altcoinbuzz.io/wp-content/uploads/2023/09/Alpha_website_leaderboard-banner.jpg" sizes="(max-width: 1197px) 100vw, 1197px" srcset="https://www.altcoinbuzz.io/wp-content/uploads/2023/09/Alpha_website_leaderboard-banner.jpg 1197w, https://www.altcoinbuzz.io/wp-content/uploads/2023/09/Alpha_website_leaderboard-banner-300x37.jpg 300w, https://www.altcoinbuzz.io/wp-content/uploads/2023/09/Alpha_website_leaderboard-banner-1024x127.jpg 1024w, https://www.altcoinbuzz.io/wp-content/uploads/2023/09/Alpha_website_leaderboard-banner-768x95.jpg 768w, https://www.altcoinbuzz.io/wp-content/uploads/2023/09/Alpha_website_leaderboard-banner-696x86.jpg 696w, https://www.altcoinbuzz.io/wp-content/uploads/2023/09/Alpha_website_leaderboard-banner-1068x132.jpg 1068w" alt="" width="1197" height="148"></a></p> 
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<h6><strong>Disclaimer</strong></h6> 
<p>The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd.</p> 
<p>The post <a href="https://www.altcoinbuzz.io/cryptocurrency-news/pyusd-surges-on-solana-rapid-growth-in-stablecoin-demand/">PYUSD Surges on Solana: Rapid Growth in Stablecoin Demand</a> appeared first on <a href="https://www.altcoinbuzz.io">Altcoin Buzz</a>.</p>

PYUSD Surges on Solana: Rapid Growth in Stablecoin Demand

Altcoin Buzz

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