PayPal’s PYUSD stablecoin supply surges 90% due to the Solana Defi protocol integration. So, the weekly transaction volumes for PYUSD have skyrocketed, surpassing $500 million by the end of last month. To put this in perspective, this is more than triple the previous weekly trading volume of $150 million.
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PYUSD Stablecoin Supply Surges 90%
Since its expansion to the Solana blockchain in May, the supply of PayPal’s PYUSD stablecoin has increased by 90%, with its market cap exceeding $500 million as of July 8. According to data from DeFiLlama, the total supply of PYUSD across the Solana and Ethereum blockchains now stands at $520 million.
A detailed analysis reveals that 77% of PYUSD’s total supply, approximately $399 million, is on Ethereum, while the remaining 23%, about $118 million, is on the Solana blockchain. The adoption of PYUSD on Solana has been particularly notable, with a 58% increase in supply on Solana over the past week. Conversely, PYUSD supply on Ethereum has declined by 6% during the same period.
https://visaonchainanalytics.com/transactions
PYUSD’s Trading Volume
The growing supply and increased adoption have also significantly boosted PYUSD’s trading volume. Data from Visa and blockchain analytics platform Allium Labs shows that PYUSD’s weekly transaction volumes exceeded $500 million by the end of the last month, more than three times the previous $150 million weekly trading volumes.
Solana developer Paul Fidika described PYUSD’s rapid growth as the “sleeper hit on Solana,” emphasizing its role in establishing Solana as a legitimate financial alternative. He remarked, “[PYUSD] makes Coinbase and Circle irrelevant; their only utility is a fee-charge bridge between bank accounts and crypto addresses.”
DeFi Protocols on Solana Embrace PYUSD Stablecoin
The integration of PYUSD with leading Solana-based DeFi protocols has been crucial in establishing its presence on the blockchain network, according to market observers. Solana boasts one of the most robust DeFi ecosystems, ranking among the top five in total assets locked, as per DeFiLlama data.
PYUSD is actively traded on prominent Solana-based decentralized exchanges (DEXs) such as Jupiter and Orca, both of which are developing innovative products to enhance its adoption. Additionally, the stablecoin has been integrated into Kamino Finance, Solana’s largest lending and liquidity protocol, further boosting its utility within the ecosystem.
21Shares analyst Tom Wan highlighted that the DeFi platform offers a 23% annual percentage yield (APY) on PYUSD, attracting more users seeking yield opportunities. “A lot of the success can be attributed to Kamino Finance. Over 38% of the supply has been lent on Kamino with a 23% APY. This is also a huge step for the adoption of token extension in DeFi,” Wan stated.
https://twitter.com/tomwanhh/status/1809149652391833917
Conclusion
To conclude, PayPal’s PYUSD Stablecoin supply surges 90% with the integration of Solana’s DeFi protocols has catalyzed a substantial increase in its supply and trading volume, solidifying its position in the stablecoin market. As adoption continues to grow, PYUSD’s presence on Solana is set to further enhance the blockchain’s reputation as a viable financial alternative.
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