PayPal's PYUSD steiblcoin PYUSD capitalization rose above $1 billion

At the end of August 2024, the market capitalization of PayPal's U.S. dollar-backed PYUSD steiblcoin rose above the $1 billion mark, according to CoinMarketCap.

PYUSD user activity has also increased. The monthly number of active wallets exceeded 26,000 in August, up from 6,600 in May.

The growth in capitalization can be explained by an increase in the supply of the asset in the Solana network. In three months, this indicator grew from zero to $662 million and already exceeds the Ethereum network.