The total market value of the issued PayPal USD (PYUSD) stablecoins exceeded $500 million, according to DeFi Llama. Overcoming the landmark became possible after the addition of Solana support.
Over the past month, the figure has increased from $270 million to over $531.9 million. The increase in PYUSD's supply followed its expansion to the Solana network in May. To date, this blockchain accounts for every fourth token.
Data: DeFi Llama.CoinMarketCap and CoinGecko estimate the capitalization of PYUSD at $399 million. In the rating of the latest service, the asset occupies the 12th position in the category of "stable coins".
The Block named the integration of the token into DeFi protocols like Curve and Frax, as well as listing on centralized platforms, as a driver for the growth of the total market value.
Recall that on April 4, PayPal announced the launch of the cross-border payments and transfers service Xoom based on PYUSD.
The launch of PayPal's "stable coin" has raised concerns in the US Congress due to the lack of a regulatory framework for such assets. In November, it became known about the SEC investigation into PYUSD.
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