- PayPal’s PYUSD stablecoin surpassed a $1 billion market cap, heavily supported by its integration on the Solana network.
- Initially launched on Ethereum, PYUSD’s rapid growth escalated after transitioning to Solana, boasting a 270% market cap increase.
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, PYUSD experienced modest growth, 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.
This growth rate positions PYUSD among the fastest-growing stablecoins in the market
The decision to launch PYUSD on Solana 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.
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, PYUSD on Solana has increased by 29.36% over the past week and an impressive 177% over the last month.
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.
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.
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.
Solana’s market capitalization stands at $68.062 billion, and the trading volume over the last 24 hours is about $2.84 billion.
