PayPal’s PYUSD Becomes Sixth Largest Stablecoin After Solana Surge

PayPal’s USD stablecoin is enjoying a surge in growth after launching on Solana.

The market cap of PYUSD, PayPal’s stablecoin, is up 97% in the past 30 days, according to CoinGecko.

The token now ranks as the 6th largest st7ablecoin by market capitalization after flipping six other stablecoins over the last month. PYUSD boasts a market cap of $775.6 million, surpassing USDB, PAXG, TUSD, XAUT, FRAX, and USDD in the last 30 days.

The fintech giant launched PYUSD on Ethereum in August of 2023. PayPal’s stablecoin enjoyed steady growth during its first 10 months of operating, with PYUSD boasting a market cap of $398.3 million as of May 29 — when the stablecoin launched on the Solana network.

PYUSD has quickly emerged as the third largest stablecoin on Solana since, ranking behind USD Coin (USDC) and Tether (USDT).

USDC is Solana’s leading stablecoin by a landslide with a market cap of $2.5 billion, followed by USDT with $723 million and PYUSD with $418 million.

PYUSD’s Solana-based capitalization overtook Ethereum on Aug. 9.

Solana Stablecoins

Solana’s stablecoin market boasted strong growth throughout 2024, posting growth of 107% since Jan. 1. Roughly $3.8 billion worth of stablecoin are currently circulating on Solana, up from $1.83 billion at the start of the year.

However, the capitalization of Solana-based stable tokens is down 38% from June 2022 its all-time high of $6.25 billion, according to DeFiLlama.

Solana now hosts the fifth-largest stablecoin economy in DeFi. Ethereum and Tron currently command 84% of the $167 billion stablecoin market cap with $81 billion and $59 billion, respectively.

BNB Chain comes in third with roughly $5 billion 2.99%, followed by Arbitrum with $4.52 billion or 2.70%, and Solana with 2.28%.