PayPal Stablecoin: Market Value Soared 1,400% Since Launch

The PYUSD stablecoin, created by the payment platform PayPal, achieved a significant milestone today by entering the list of the top 100 cryptocurrencies by market value.

Since its launch in August 2023, PYUSD has seen a 1,400% increase in its market value, surpassing $630 million.

This growth positions PYUSD as the 100th largest cryptocurrency, consolidating its presence in the stablecoin market. Currently, it is the sixth largest stablecoin by market value. This demonstrates its growing acceptance and use in the cryptocurrency ecosystem.

PYUSD is a stablecoin, meaning its price is always equivalent to 1 dollar. The increase in market value, therefore, reflects a large issuance of the token. This growth is related to the increasing adoption of the digital currency across various platforms and user confidence in PayPal.

Adoption of PayPal’s Currency on Solana

One of the main drivers of this market value increase was the growing adoption of PayPal’s stablecoin on the Solana network. The lending platform Kamino Finance, which uses PYUSD to offer rewards, recorded a significant weekly growth in deposits, increasing from 490,000 PYUSD to 760,000 PYUSD. This indicates growing confidence among investors and users in PayPal’s stablecoin.

Kamino Finance announced that rewards increase proportionally with PYUSD deposits. This means that the market value could continue to grow if the adoption of the token expands.

Since the beginning of PYUSD’s operation on the Solana blockchain two months ago, the supply of the digital currency on this network has reached $260 million, representing 42% of the stablecoin’s total supply.

In addition to Kamino Finance, other platforms are also contributing to the increased adoption of PayPal’s stablecoin. The financial application GCrypto recently added the option to make transactions with PYUSD through the Solana network, following the example of the cryptocurrency exchange Crypto.com, which also adopted the token.