PayPal’s stablecoin PYUSD surpassed $1 billion in market cap on Aug. 24, based on CoinGecko information.
On an X (previously Twitter) put up, PYUSD’s issuer Paxos celebrated the feat, highlighting how briskly the stablecoin crossed the necessary mark when in comparison with its friends, USD Coin (USDC) and Tether USD (USDT).
CoinGecko information reveals that it took 351 days for PYUSD to cross the billion threshold, whereas USDC and USDT exceeded the identical mark inside 616 and 1024 days, respectively.
Notably, many of the PYUSD market cap is circulating on Solana, lower than three months after PayPal determined to develop the issuance of its stablecoin exterior of Ethereum on Might 29.
As on-chain information reveals, over $647 million in PYUSD is deployed on Solana, with roughly $430 million locked as collateral for lending on the cash market platform Kamino.
The numerous quantity of PYUSD allotted at Kamino will be defined by the excessive annual proportion yield (APY) provided by the platform, at present at a base of 13.63% and 14.6% with bonuses.
The second largest software for PYUSD is the liquidity pool USDC/PYUSD on the decentralized alternate Orca, which has $50.4 million locked.
On Ethereum, many of the PYUSD is locked within the FRAX/PYUSD liquidity pool created on the decentralized alternate Curve Finance, with $19.5 million allotted.
Powerful competitors
Regardless of the speedy progress, the PYUSD nonetheless faces heavy competitors, each on Solana and on the broader stablecoin market.
On-chain information reveals that USDT holds a $76 million lead over PYUSD on Solana. But, this might quickly be overturned, as PayPal’s stablecoin grew 171% over the previous 30 days, whereas USDT shrank 1.35%.
However, USDC is almost 4x bigger than PYUSD in Solana’s ecosystem, amounting to $2.5 billion.
On the broad stablecoin ecosystem, PYUSD is behind 5 different tokens in market cap. USDT dominates the $162 billion sector, with a market cap of practically $118 billion.
USDC is the second-largest stablecoin, inching nearer to $35 billion. DAI is third, with over $5.1 billion in market dimension, whereas First Digital USD boasts a $3.1 billion market cap. Ethena USDe wraps up the group with $2.9 billion in dimension.