PYUSD Supply Doubles, Exceeding 500 Million Tokens Amid Rapid Expansion

PYUSD Supply Doubles, Exceeding 500 Million Tokens Amid Rapid Expansion

PayPal’s U.S. dollar-pegged stablecoin, PYUSD, which launched in August 2023 in collaboration with custodian firm Paxos, has experienced significant growth, with its market supply surpassing half a billion tokens.

Following its introduction, PYUSD’s supply reached 230 million by the end of 2023. Since then, the total supply of the stablecoin has more than doubled, exceeding 500 million tokens (or $500 million) this month, as reported by DeFiLlama.

Remarkably, in the past month alone, the supply of the stablecoin increased by 97%, climbing from 270 million on June 26 to over 533 million currently. This development positions PayPal among the top ten stablecoin issuers, with Tether USD leading the sector with a supply of over 112 billion tokens.

The rapid growth of PYUSD has been driven in part by its expansion to the Solana network in May. Solana now holds approximately 134.5 million PYUSD tokens, accounting for 25.2% of the total supply. Meanwhile, Ethereum hosts nearly 399 million PYUSD stablecoins, according to data from The Block.

Additionally, the adoption of PYUSD on centralized exchanges like Crypto.com and its integration into decentralized finance (DeFi) protocols such as Curve and Frax have contributed to the stablecoin’s impressive growth over the past year.

Currently, Paxos retains the largest portion of PYUSD on Ethereum, holding 112 million tokens, which represents over 20% of the total supply. This is followed by Crypto.com with 103 million, Defiance Capital with 35 million, BitGo with 14.8 million, and Curve with 14 million tokens, as per on-chain data from Nansen.