Solana-based PayPal stablecoin supply closes gap on Ethereum PYUSD

The Block2024/07/29 21:28

By:The Block

Quick Take Solana-based PYUSD stablecoins have a supply of nearly $240 million since launching in May, while Ethereum-based PYUSD tokens have a supply of about $348 million. Ethereum-based PYUSD launched in August 2023.

PayPal's Solana-based PYUSD +0.10% stablecoin launched a few months ago and it appears the token's supply is already closing the gap on PYUSD tokens on the Ethereum network.

Solana-based PYUSD stablecoins currently have a supply of nearly $240 million since launching in May, according to a Dune analytics dashboard cited by Solana Foundation. Ethereum-based PYUSD tokens have a supply of about $348 million, according to The Block Data Dashboard .

PYUSD on Ethereum launched close to a year ago.

"This rapid growth underscores the strength and efficiency of the Solana network," said Sheraz Shere, GM of Payments at Solana Foundation.

Solana-based decentralized exchanges like Jupiter and Orca, which added PYUSD, may have contributed to the swelling growth of PYUSD stablecoins on the Solana network.

Broadly, PYUSD and Solana-based stablecoins occupy a relatively small sliver of the overall stablecoin market. Supply for the two leading stablecoins, Tether's USDT and Circle's USDC, primarily utilize the Ethereum and Tron networks. USDT and USDC's market cap (supply) sit at $120 billion and $36 billion, respectively, according to The Block Data Dashboard .

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