Paypal Stablecoin PYUSD reaches half a billion dollars

The Paypal Stablecoin PYUSD has reached a market capitalization of more than half a billion dollars. This is according to data from Defillama. There are currently 533 million PYUSD tokens in circulation.

In the month of June alone, supply increased from 270 million to more than 533 million. This increase is likely related to the integration into the Solana network in May. As a result, PYUSD is now in the top ten stablecoins by market capitalization.

PYUSD is a stablecoin linked to the dollar, launched in August 2023 as an ERC-20 token on the Ethereum Blockchain under the label of payment giant Paypal. Paxos is the administrator and issuer of the stablecoin.