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PayPal’s Solana-Based Stablecoin Supply Closes the Gap on Ethereum’s PYUSD

By admin On Jul 30, 2024

PayPal’s Solana-based stablecoin launched a few months ago, and it appears the token’s supply is already closing the gap with PYUSD tokens on the Ethereum network. Solana-based PYUSD stablecoins currently have a supply of nearly $240 million since their launch in May, according to the Dune analytics dashboard referenced by the Solana Foundation.

Ethereum-based PYUSD tokens have a supply of about $348 million, according to The Block Data Dashboard. PYUSD on Ethereum launched nearly a year ago. Solana-based decentralized exchanges like Jupiter and Orca, which have listed PYUSD, may have contributed to the surge in PYUSD stablecoins on the Solana network.

Broadly, Solana-based stablecoins represent a relatively small portion of the overall stablecoin market. The supply of the two leading stablecoins, USDT Tether and USDC Circle, primarily uses the Ethereum and Tron networks. The market cap (supply) of USDT and USDC is $120 billion and $36 billion, respectively, according to The Block Data Dashboard.

Image: Binance Academy

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