According to TechFlow, on July 9, Cryptoslate reported that PayPal's PYUSD stablecoin supply surged 90% after expanding to the Solana blockchain, with a market value of over $500 million. According to DeFillama data, as of July 8, the total supply of PYUSD on Solana and Ethereum was approximately $520 million. Among them, the supply on Ethereum was $399 million, accounting for 77% of the total supply, while the supply on Solana was $118.65 million, accounting for 23%. In the past week, the supply on the Solana network has increased by about 58%, while the supply on Ethereum has decreased by 6%.

Additionally, PYUSD’s weekly trading volume exceeded $500 million at the end of last month, up from the previous average of about $150 million. Solana developer Paul Fidika called PYUSD a “potential stock” on Solana, noting that the stablecoin makes Coinbase and Circle irrelevant. PYUSD has been integrated into Solana’s major DeFi protocols, including DEX platforms Jupiter and Orca and the largest lending and liquidity protocol Kamino Finance, which offers a 23% annual yield (APY) for PYUSD.