According to BlockBeats, on October 17, the market value of the PYUSD stablecoin fell to US$618 million, a 40% drop from the high of over US$1 billion at the end of August, mainly due to the decrease in the circulation of PYUSD on the Solana network.

Haseeb Quresh, managing partner of DragonFly Capital, said that the decline in PYUSD yields on platforms such as Kamino, Drift and MarginFi has led to a decrease in the market value of the PYUSD stablecoin.