ChainCatcher reported that according to CryptoSlate, according to DefiLlama data, the market value of PayPal USD (PYUSD) has increased by 150% since its expansion to Solana on May 29, and the current total market value of the stablecoin is approximately US$684 million.
It is worth noting that the use of PYUSD is almost evenly distributed between Solana and Ethereum, with the two blockchains accounting for 48.32% and 51.68% of the market share respectively, with a small gap.
However, despite the growth, PYUSD still lags far behind its more established peers like USDT and USDC. USDC accounts for 70.5% of the total Solana on-chain stablecoin market cap, while USDT accounts for 20%; PYUSD ranks third with nearly 9%.