PayPal’s Stablecoin Exceeds $1B Market Capitalization

PayPal’s stablecoin PYUSD has reached a market capitalization of over $1 billion, crossing the milestone last week.

This is a result of its collaboration with Paxos, a fintech company, and its supply has more than doubled since June. Despite a slowdown in the broader cryptocurrency markets during the summer months, PYUSD user activity has also increased significantly.

According to Visa’s stablecoin dashboard created with Alluvium, the number of monthly active wallet addresses grew from 9,400 in May to over 25,000 in July.

When PayPal first entered the stablecoin market last year, it was seen as a major moment for the entire crypto industry.

The token was expected to eventually rival stablecoin giants such as Circle’s USDC and Tether’s USDT.