🔟 PYUSD breaks the billion dollar mark, Solana on-chain applications make great contributions!
🎉 PayPal's stablecoin PYUSD has just broken the $1 billion mark in market value! Moreover, this speed is much faster than USDC and USDT, which took 616 days and 1024 days respectively. PYUSD achieved this achievement in just 351 days!
📊 According to Coingecko data, PYUSD achieved this achievement on August 24. Paxos, the issuer of PYUSD, celebrated this feat on X (formerly Twitter).
🚀 But what really made PYUSD take off may be Kamino, the DeFi market on Solana. On-chain data shows that more than $647 million of PYUSD has been deployed on Solana, of which 430 million have been used as loan collateral by Kamino!
💰 Why is Kamino so awesome? Because it offers an annualized yield (APY) of up to 13.63%, and with bonuses it can reach 14.6%! This is a big bait for investors.
🐳 The second largest use of PYUSD is in the liquidity pool of the decentralized exchange Orca, where the USDC/PYUSD pool has locked up $50.4 million.
🌐 On Ethereum, most of PYUSD is locked in Curve Finance's FRAX/PYUSD liquidity pool, with $19.5 million.
🔥 Although PYUSD is growing rapidly, it faces fierce competition in Solana and the entire stablecoin market. On Solana, USDT is still ahead of PYUSD by $76 million, but PYUSD has grown by 171% in the past 30 days, while USDT has shrunk by 1.35%!
🏁 In the Solana ecosystem, USDC's market value is almost 4 times that of PYUSD, reaching $2.5 billion. But in the entire stablecoin market, PYUSD's market value lags behind the other five tokens, with the leading USDT having a market value of $162 billion.
🤔 It seems that PYUSD still has a long way to go to gain a foothold in the stablecoin market. However, its performance on Solana has been impressive!
👇 What do you think of PYUSD's rapid growth? How far do you think it can go in the stablecoin market? Are you optimistic about the long-term and sustainability of Solana's on-chain applications? Share your thoughts in the comments!
