PayPal’s stablecoin, known as PYUSD, has experienced a surprising surge in growth, reaching a significant milestone within its ecosystem. According to a survey conducted by analytics platform IntoTheBlock, PYUSD has seen a remarkable 21% increase in market capitalization over the past month.
This data highlights the significant growth of the cryptocurrency, as it now holds a market cap of nearly $400 million, making it the tenth largest stablecoin. Currently, the market value of PYUSD is $398,197,853, placing it at 204th position in the overall ranking.
As of now, the price of PayPal USD stands at $0.9981, with no increase observed in the last 24 hours. During this period, the trading volume for the cryptocurrency amounted to $15,158,724.
In an exciting development, the Solana blockchain announced that PayPal USD (PYUSD) has gone live on their platform. This means that users of the Solana blockchain can now utilize the stablecoin issued by Paxos, PayPal USD, to facilitate international transactions. The integration of PYUSD on Solana aims to provide fast and secure stablecoin transactions for over 30 million merchants.
The PayPal USD stablecoin, issued by Paxos, was initially launched on the Ethereum network in August 2023. By expanding its availability to the Solana Blockchain, PayPal aims to enable a digital currency with a stable value for commerce and payments.
Please note that the views expressed in this article are for informational purposes only and should not be considered as financial or investment advice. Investing or trading cryptocurrencies carries a risk of financial loss.
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