PayPal USD stablecoin, PYUSD, has seen surprising growth and seen an impressive rally over the past month. The recent increase capitulated the stablecoin to reach a very significant milestone for its ecosystem.
According to a survey shared by analytics platform, IntoTheBlock, on May 31, the PYUSD stablecoin has witnessed a rather remarkable 21% increase in its market capitalization over the past month.
The data highlighting the significant milestone that underscores the growth of cryptocurrency. “With a market cap of nearly $400 million, $PYUSD is now the tenth largest stablecoin,” the survey noted. Currently, the cryptocurrency’s market value is US$398,197,853, which places PayPal’s stablecoin in 204th place in the overall ranking.
PYUSD, @PayPal‘s stablecoin, witnessed a 21% increase in market capitalization over the last month.
With a market cap of nearly $400m, $PYUSD is now the tenth-largest stablecoin pic.twitter.com/bKCX00aOgt
— IntoTheBlock (@intotheblock) May 31, 2024
At the time of publication, the price of PayPal USD was quoted at US$0.9981 with no increase in the last 24 hours. During this period, the cryptocurrency’s trading volume was US$15,158,724.
Stablecoin PayPal USD goes live on the Solana blockchain
The team behind Solana (SOL) announced on May 29 that the stablecoin PayPal USD (PYUSD) has gone live on the blockchain. With this, Solana blockchain users can use the stablecoin issued by Paxos, PayPal USD, to facilitate international transactions.
“PayPal USD (PYUSD) is live on Solana! PayPal USD stablecoin issued by Paxos will leverage Solana and token extensions to serve over 30 million merchants, empowering users with fast and secure stablecoin transactions.”
Issued by Paxos, the PayPal USD stablecoin was first launched on the Ethereum (ETH) network almost a year ago, specifically in August 2023. “Making PYUSD available on the Solana Blockchain furthers our mission to enable a digital currency with a projected stable value for commerce and payments”, highlighted Jose Fernandez da Ponte, senior vice president of Blockchain, cryptocurrencies and digital currencies, at PayPal.
Disclaimer:
The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing in or trading cryptocurrencies carries a risk of financial loss.
Source: https://portalcripto.com.br/stablecoin-do-paypal-registra-alta-de-21-e-atinge-marco-significativo/
