According to Odaily, PayPal's stablecoin, PYUSD, has experienced a substantial increase in market value over the past month. The market value of PYUSD has surged by 221%, nearing $400 million, making it the tenth largest stablecoin currently.
Stablecoins are digital currencies that are designed to minimize the volatility of the price of the stablecoin, relative to some 'stable' asset or a basket of assets. PayPal's PYUSD is one such stablecoin that has been gaining traction in the market.
The significant increase in PYUSD's market value indicates a growing acceptance and usage of this stablecoin. However, it's important to note that the cryptocurrency market is highly volatile and unpredictable, and investors should exercise caution.