PayPal's PYUSD Hits $1 Billion But Trails Top Stablecoins 🚀
PayPal's stablecoin, PayPal USD (#PYUSD ), has surpassed $1 billion in market capitalization since its launch in 2023.
PYUSD is a US dollar-pegged stablecoin issued by #Paxos Trust Company and is designed as an ERC-20 token compatible with Ethereum. It is PayPal's sole stablecoin supported on its payment platform and has been integrated into various Web3 applications and cryptocurrency exchanges.
PayPal has expanded PYUSD's accessibility by partnering with #Anchorage Digital, launching on Solana, and collaborating with MoonPay for cryptocurrency purchases. Despite its growth, PYUSD remains significantly smaller than its rivals, Tether (USDT) and USD Coin (USDC), which have market capitalizations of approximately $118 billion and $35 billion, respectively.
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