PayPal Stablecoin Supply Jumps 22% – Crypto News – Crypto News
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PayPal Stablecoin Supply Jumps 22% PayPal Stablecoin Supply Jumps 22%

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PayPal Stablecoin Supply Jumps 22% – Crypto News

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2 months ago

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The fintech giant’s native stablecoin, PYUSD, added more than $600 million to its circulating supply over the last week.

PayPal’s PYUSD continues to climb the stablecoin ranks, adding another 22% to its market capitalization over the past seven days.

PYUSD leads the stablecoin space in growth over the last week, with $625 million of PYUSD minted since Nov. 10. It ranks third in positive stablecoin growth over the last month, trailing Tether’s USDT and Sky’s USDS.

7d Stablecoin Flows – Artemis Terminal

The newly minted PYUSD made its way onto Ethereum, bringing the total supply on Ethereum up to $2.38 billion, accounting for almost 70% of the total PYUSD supply.

The jump comes just one month after Paxos, which issues PYUSD, accidentally minted $300 trillion worth of PYUSD on Ethereum, which was promptly burned after the incident.

Following last week’s jump, PYUSD is now the sixth-largest stablecoin in decentralized finance (DeFi). It accounts for just over 1% of the total $303 billion stablecoin market, which is largely dominated by USDT, with a $183 billion market capitalization, and USDC, with a $74 billion valuation.

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