#ChartoftheDay PayPal’s US dollar-pegged stablecoin, PayPal USD, has surpassed $1 billion in total market capitalization, according to data from CoinMarketCap. PYUSD’s monthly supply has been growing at a high speed since the start of the third quarter. And its market cap more than doubled from around $423 million at the end of June.

The growth can be partially attributed to its May expansion to the Solana Network. Since then, its issuance on Solana quickly surpassed that on Ethereum.

Compliance with MiCA, the new European regulations regarding stablecoins that came into effect on June 30 with a 60-day compliance period, may also be critical.PYUSD, the 1:1 USD-backed stablecoin issued by PayPal and managed by Paxos Trust Company, is one of the few that has already obtained #MiCA approval, which enabled it to quickly start nibbling away at market share from those that have not yet received it.

While PayPal saw bringing PYUSD to Solana as a strategic move to boost its usage, the number one stablecoin on Solana right now is still USDC. USDC has twice the market cap of PYUSD, and like PYUSD, it is already compliant with MiCA.Nevertheless, #PYUSD is rising as a potential competitor to #USDC, with more projects in the #Solana ecosystem, such as Jupiter and Kamino, starting to integrate PUSD.