{"id":227833,"date":"2024-01-11T21:55:25","date_gmt":"2024-01-11T16:25:25","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=227833"},"modified":"2024-01-11T21:55:25","modified_gmt":"2024-01-11T16:25:25","slug":"paypals-stablecoin-grows-by-over-70-in-30-days-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/paypals-stablecoin-grows-by-over-70-in-30-days-crypto-news\/","title":{"rendered":"PayPal\u2019s Stablecoin Grows by Over 70% in 30 Days – Crypto News"},"content":{"rendered":"

<\/p>\n

PYUSD has two pools in Curve and a proposal is underway to add it as collateral in Aave.<\/p>\n

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PayPal is making inroads in decentralized finance (DeFi).<\/p>\n

The payments giant released<\/a> PYUSD, a dollar-pegged stablecoin last August and after a tepid start<\/a>, the asset has grown to a market capitalization of $290M. Over $122M of that growth happened in the past month as PYUSD supply grew by over 70% in the last 30 days.<\/p>\n

PYUSD is now the twelfth largest stablecoin in crypto, according to CoinGecko.<\/p>\n

PYUSD Market Cap – Coingecko<\/figcaption><\/figure>\n

The stablecoin is starting to establish footholds in DeFi \u2014 a pool<\/a> combining PYUSD and the stablecoin FRAX has grown to $134M, making it the fourth largest on Curve Finance, an automated market-maker focusing on stablecoins.<\/p>\n

The pool allows traders to swap FRAX for PYUSD and vice versa, providing an avenue for DeFi users who want to buy PayPal\u2019s stablecoin. PYUSD is issued by Paxos.<\/p>\n

Curve Incentives<\/h2>\n

Sam Kazemian, the founder of Frax Finance, told The Defiant that extra incentives like CRV distributed through Curve\u2019s gauge system<\/a>, will start today, on Jan. 10.<\/p>\n

\u201cThe goal is to make FRAX-PYUSD a new base pool and FRAX and PYUSD the gold standard,\u201d Kazemian said. The founder also said he aims to get FRAX into PayPal\u2019s mobile application.<\/p>\n

PYUSD\u2019s growth marks a distinct action by an internet native financial company into blockchain-based finance. If the stablecoin generates revenue for the company, it may inspire other financial companies to join the space.<\/p>\n

PYUSD-USDC Pool<\/h2>\n

Elsewhere on Curve, there\u2019s a second pool for PYUSD, with PayPal\u2019s stablecoin paired with USDC, which at a $25.2B market capitalization is the second-largest stablecoin. The PYUSD-USDC pool<\/a> currently has $14M in value locked with no volume.<\/p>\n

StakeDAO, a project focused on providing liquid versions of vote-locked tokens, said<\/a> on X that PayPal deposited $132,000 to incentivize liquidity on the PYUSD-USDC pool.<\/p>\n

StakeDAO did not immediately respond to a message from The Defiant.<\/p>\n

Looking forward, PYUSD may soon have another use case in DeFi too \u2014 a temperature check<\/a> to onboard the stablecoin for use in Aave v3, the third iteration of the lending protocol, is live and will conclude on Jan. 11.<\/p>\n

Voting is unanimously in favor with 255,000 AAVE tokens voting to onboard PYUSD as an asset to supply and borrow on the lending platform.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

PYUSD has two pools in Curve and a proposal is underway to add it as collateral in Aave. PayPal is making inroads in decentralized finance (DeFi). The payments giant released PYUSD, a dollar-pegged stablecoin last August and after a tepid start, the asset has grown to a market capitalization of $290M. Over $122M of that […]<\/p>\n","protected":false},"author":2,"featured_media":227834,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[274,273,272,244,266,271,268,270,269,267],"class_list":["post-227833","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-de-fi","tag-crypto-finance","tag-decentralized-finance","tag-liquidity","tag-metamask","tag-pancake","tag-slippage","tag-sushiswap","tag-tronlink","tag-trust-wallet","tag-uniswap"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/227833","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=227833"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/227833\/revisions"}],"predecessor-version":[{"id":227839,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/227833\/revisions\/227839"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/227834"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=227833"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=227833"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=227833"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}