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PayPal’s crypto asset custody firm Paxos launched a stablecoin in August, which has seen its market value surpass $290 million, marking a significant increase. Following its launch, the total supply of PYUSD reached 43.3 million by the end of August. At that time, Paxos held 90% of PayPal’s PYUSD supply, indicating a controlled distribution.
PYUSD Market Value Increases by 70%
PYUSD’s market value has increased more than fivefold since August, rising to $293 million. According to Coingecko data, PYUSD’s market value rose by 70% from $170 million last month. This increase has placed PayPal among the top ten stablecoin issuers.
Tether continues to lead the stablecoin market with a market value exceeding $94 billion. The listing of PYUSD on centralized exchanges like Crypto com and Kraken, as well as integration into decentralized finance protocols, appears to have contributed to this growth.
Additionally, the distribution of PYUSD has expanded during this period. Currently, Crypto com holds the largest share of the total supply with 112.8 million tokens, representing 38.7%. According to on-chain data provided by Nansen, this is followed by DeFiance Capital with 39.1 million (13.4% share), Curve with 32.4 million, Kraken with 31.92 million, and Paxos with 30 million.
Noteworthy Details for PYUSD
DeFi protocols have begun to integrate PYUSD into their processes. A popular DEX protocol, Curve, currently contains a locked liquidity pool worth $135 million with PYUSD and Frax’s decentralized stablecoin. The pool facilitates trading between the two stablecoins. A leading decentralized lending protocol, Aave’s community members also proposed the integration of PYUSD, marking a significant step. Edward Wilson from Nansen commented on the matter:
“In the last 30 days for PYUSD, there has been a noticeable increase in the PYUSD/FRAX Curve liquidity pool along with significant balance changes.”
Regarding blockchain activities, Nansen primarily reported that PYUSD was being swapped for other stablecoin projects with WETH and ETH, and there is an expectation of further integration with DeFi protocols. The stablecoin’s daily trading volume in the last 24 hours was approximately $29 million, which is just under 10% of its market value.
