🔔 Solana hovers around $160 as SOL-based stablecoin hits $1 billion market cap
PayPal stablecoin PYUSD reaches a $1 billion market capitalization after expanding to Solana from Ethereum in May . Solana-based PYUSD has a market share of 64% against Ethereum’s 36%. Solana hovers around $160 on Tuesday, nearly unchanged on the day.
🔹️Demand for Solana-based PYUSD drives stablecoin to $1 billion
PayPal launched its stablecoin on Ethereum in August 2023 and expanded PYUSD to the Solana chain in May 2024. PYUSD is backed by liquid assets and redeemable 1:1 with US Dollars. Solana announced in an official tweet on Monday that PYUSD market capitalization surged to $1 billion. The SOL network accounts for 64% of the stablecoin’s market share.
Solana network is the primary chain for PYUSD with token incentives that boost the asset’s adoption in DeFi protocols like Kamino Finance.
