The expansion of PYUSD on the Solana chain has boosted market value, but it still faces strong competition

Since its expansion to Solana on May 29 this year, the market value of PayPal USD (PYUSD) has surged 150% and currently stands at $684 million. According to data from DefiLlama, PYUSD is almost evenly used on Solana and Ethereum chains, with market shares of 48.32% and 51.68% respectively.

Despite its significant growth, PYUSD has been unable to overtake its more established rivals. On the Solana chain, USDC accounts for 70.5% of the total stablecoin market value, USDT accounts for 20%, and PYUSD ranks third with nearly 9%.

However, this growth rate shows that PYUSD has the potential to gradually expand in the market, especially with the parallel support of multiple blockchains. As competition in the stablecoin market becomes increasingly fierce, whether PYUSD can challenge industry giants in the future deserves investors' continued attention.

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