PayPal's stablecoin surpasses $500 million market cap following Solana expansion

PayPal’s U.S. dollar-pegged stablecoin, PYUSD +0.37% — launched in August 2023 through a partnership with custodian firm Paxos — has seen its market supply exceed half a billion tokens.

Following its rollout, PYUSD’s supply reached 230 million by the end of 2023. Since then, the total supply of stablecoins has more than doubled, surpassing the 500 million mark (or $500 million) this month, according to DeFiLlama data .

Notably, in the past month, the stablecoin's supply increased by 97% — rising from 270 million on June 26 to now over 533 million. This places PayPal among the top ten stablecoin issuers, with Tether USD leading the niche with a supply of over 112 billion .

The surge in PYUSD’s growth has followed its expansion to the Solana network in May. A few months later, Solana hosts about 134.5 million PYUSD tokens, equal to 25.2% of the overall supply. Meanwhile, there are nearly 399 million PYUSD stablecoins on Ethereum, according to The Block’s price page . 

PYUSD’s adoption on centralized exchanges, such as Crypto.com, and its integration into decentralized finance protocols like Curve and Frax appear to have also contributed to the stablecoin's growth over the past year.

Currently, Paxos holds the largest portion of PYUSD on Ethereum, with 112 million tokens, representing over 20% of the total supply. This is followed by Crypto.com exchange with 103 million, Defiance Capital with 35 million, BitGo with 14.8 million and Curve with 14 million, according to on-chain data provided by Nansen.