Solana Integration Boosts PayPal’s PYUSD to $500M Market Cap

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PayPal’s stablecoin, PYUSD, has reached a market cap of $500 million following its recent expansion into the Solana ecosystem. The introduction of PYUSD to the Solana blockchain has dramatically boosted trading activity, with weekly transaction volumes now exceeding 300 million trades. The shift to Solana occurred in May and has led to a 90% increase in PYUSD’s market supply, which now stands at over half a billion dollars.

According to DeFiLlama, PYUSD’s total supply across both Solana and Ethereum is approximately $534 million. A closer look shows that 74% of this supply resides on Ethereum, while Solana holds the remaining 25%. This strategic move aims to make PYUSD faster and more cost-effective for users, offering an additional blockchain option for transactions.

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Since the shift, the supply of PYUSD on Solana has increased by 61%, while the supply on Ethereum has decreased by 7%. This has significantly bolstered the overall trading volume of the stablecoin, which has tripled, reaching $500 million in weekly transactions by the end of last month. The rise in transaction volume has led Solana developer Paul Fidika to label PYUSD as the “sleeper hit on Solana,” enhancing Solana’s reputation as a credible financial platform. Fidika also observed that the integration with Solana is drawing use-case value away from other fintech players like Coinbase and Circle.