Ethereum

2024

Solana

<p class="is-style-lead">Ever since Paypal joined the Solana (<a href="https://crypto.news/price/solana/" data-type="link" data-id="https://crypto.news/price/solana/" rel="noopener noreferrer nofollow">SOL</a>) ecosystem, the volume for its stablecoin has exceeded 300 million weekly trades.</p>
<p>PayPal’s <a href="https://crypto.news/paypals-stablecoin-potential-impact-and-user-reactions/" data-type="link" data-id="https://crypto.news/paypals-stablecoin-potential-impact-and-user-reactions/" target="_blank" rel="noopener noreferrer nofollow">PYUSD</a> stablecoin’s weekly transaction volumes have soared to over $500 million, a notable increase from its previous volume of $150 million. This surge follows <a href="https://crypto.news/tag/paypal/" data-type="link" data-id="https://crypto.news/tag/paypal/" target="_blank" rel="noopener noreferrer nofollow">Paypal’s</a> PYUSD’s expansion to the Solana blockchain in May, leading to a 90% increase in its market supply, which now surpasses half a billion dollars.</p>
<p>According to <a href="https://defillama.com/stablecoin/paypal-usd" target="_blank" rel="noopener noreferrer nofollow">DeFiLlama</a>, PYUSD’s total supply across Solana and Ethereum stands at approximately $534 million. A detailed breakdown reveals that 74% of this supply is on Ethereum, while the remaining 25% is on Solana.</p>
<h2 class="wp-block-heading" id="implications">Implications&nbsp;</h2>
<p>On <a href="https://crypto.news/paypal-expands-pyusd-stablecoin-to-solana/" target="_blank" data-type="link" data-id="https://crypto.news/paypal-expands-pyusd-stablecoin-to-solana/" rel="noopener noreferrer nofollow">May 29</a>, the online payment giant announced that its stablecoin would launch on the Solana blockchain.</p>
<p>The company made the announcement in hopes of making PYUSD faster and cheaper to use. The move to the Solana network provides users with more blockchain options for PYUSD.</p>
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   <p lang="en" dir="ltr">The new PYUSD stable coin is a sleeper hit on Solana.<br><br>It only has a $134m market-cap (USDC has a $2.4 billion market cap), and PayPal can charge a transfer-fee for using their currency.<br><br>This is a _huge_ step in terms of using Solana as a legit financial alternative.<br><br>This also…</p>— Paul Fidika (@PaulFidika) <a href="https://twitter.com/PaulFidika/status/1810388799224164695?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">July 8, 2024</a>
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<p>Over the past week, the supply of <a href="https://crypto.news/transak-to-integrate-paypals-stablecoin-on-platform/" target="_blank" data-type="link" data-id="https://crypto.news/transak-to-integrate-paypals-stablecoin-on-platform/" rel="noopener noreferrer nofollow">PYUSD</a> on Solana has surged by 61%, while its supply on Ethereum has decreased by 7%. This growth has contributed to the overall increase in trading volume for the stablecoin, whose weekly transaction volumes have tripled and reached $500 million by the end of last month.&nbsp;</p>
<p>This surge has prompted Solana developer Paul Fidika to describe PYUSD as the “sleeper hit on Solana,” bolstering the blockchain’s position as a viable financial alternative. He also noted that this Solana integration is taking use-case value away from fintech giants like Coinbase and Circle.</p>

PayPal’s PYUSD market cap hits $500m after Solana expansion

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