PayPal USD (PYUSD) market cap leaped by 150% since its expansion to Solana on May 29, with the stablecoin’s total value now sitting at $684 million, based on DefiLlama data.
Notably, the usage of PYUSD is practically evenly distributed between Solana and Ethereum, as both blockchains show 48.32% and 51.68% dominance, respectively.
This significant movement by PYUSD within Solana’s DeFi ecosystem could be tied to the incentives campaign among its applications, such as Kamino. PayPal’s stablecoin has the highest annual percentage yield (APY) to be supplied as collateral on the Solana-based money market and the smallest borrow rate.
However, despite its growth, PYUSD is still far away from its more established peers, such as Tether USD (USDT) and USD Coin (USDC). USDC dominates 70.5% of Solana’s stablecoin total market value, while USDT rakes up 20%. PYUSD comes in third, with nearly 9% dominance.
Despite its absolute dominance within the Solana ecosystem, USDC represents just
We współpracy z: https://cryptoslate.com/pyusd-market-cap-rises-150-following-solana-launch/
