Crypto: Solana Propels PayPal’s PYUSD to New Highs

As we approach the first year of existence of PYUSD, PayPal’s cryptocurrency, this stablecoin has already shown promising signs of success. Designed to facilitate cross-border payments, PYUSD has quickly gained popularity. Today, we will explore how this stablecoin has experienced impressive growth on the Solana blockchain, defying initial expectations.

The 140% growth of the PYUSD stablecoin on Solana

Since its launch last May, PayPal’s PYUSD stablecoin, based on the Solana blockchain, has experienced explosive growth. In just a few months, the total circulating supply of PYUSD on Solana increased by 230%, reaching nearly 252 million dollars.

In comparison, PYUSD tokens based on Ethereum, launched in August 2023, have a circulating supply of 329 million dollars, reports DefiLlama.

This distribution shows that 56.6% of the total supply is on Ethereum, while 43.4% is on Solana.

The integration of the PYUSD crypto into decentralized exchanges based on Solana has played a crucial role in this rapid adoption. By making the stablecoin more accessible, PayPal has facilitated its adoption, particularly thanks to its recent launch on the GCash mobile payments service in the Philippines via the Solana network.

Exciting News: PYUSD is now available on GCrypto via the Solana Network! Enjoy ultra-fast, secure, and low-cost transactions. Send your PYUSD to GCrypto today! pic.twitter.com/iOhM63Vh2R

— GCash (@gcashofficial) July 19, 2024

This initiative has increased trading volume, reaching 16.7 million dollars, up more than 140% in just 24 hours.

• Growth of the circulating supply on Solana: 230% in 30 days;
• Current trading volume: 16.7 million dollars, up 140% in 24 hours.

Memecoins and PayPal’s adoption of crypto

The growing adoption of PYUSD by PayPal on the Solana blockchain is part of a larger trend where companies are increasingly integrating cryptocurrencies into their offerings.

Although memecoins, these cryptocurrencies often created for fun, have captured the public’s imagination, PYUSD positions itself as a serious and stable solution for cross-border payments.

PayPal announced in May that PYUSD would now be available on Solana, a blockchain known for its speed and low transaction costs.

This initiative aims to improve transaction speed and efficiency, offering users increased flexibility by allowing them to choose between multiple blockchains. Since this expansion, the token’s supply has increased by more than 90%, reaching a market capitalization of 582 million dollars as of July 30, 2023.

Despite initial skepticism, PYUSD has shown remarkable performance. Analysts from Bank of America had predicted slow adoption, but the results have contradicted these forecasts. B

Although PYUSD and other Solana-based stablecoins represent a small part of the stablecoin market, with Tether (USDT) and Circle (USDC) dominating with respective market capitalizations of 114.4 billion and 33.7 billion dollars, PYUSD’s growth is undeniable.

The Securities and Exchange Commission’s obstacles against PYUSD have had impacts? Apparently not. But, with a constantly evolving market, similar statistics are enough to reassure crypto investors.