Crypto: Solana propels PayPal’s PYUSD to new highs

As we approach the first year of PayPal’s cryptocurrency PYUSD, the stablecoin has already shown promising signs of success. Designed to facilitate cross-border payments, PYUSD has quickly gained popularity. Today, we’ll explore how this stablecoin has seen impressive growth on the Solana blockchain, shattering initial expectations.

PYUSD stablecoin grows 140% on Solana

Since its launch last May, PayPal's PYUSD stablecoin, based on the Solana blockchainknew a meteoric growth. In just a few months, the total circulating supply of PYUSD on Solana has increased by 230%, reaching nearly $252 million.

In comparison, Ethereum-based PYUSD tokenslaunched in August 2023have a circulating supply of $329 millionreports DefiLlama.

This distribution shows that 56.6% of the total supply is on Ethereum, while 43.4% is on Solana.

The integration of PYUSD crypto into Solana-based decentralized exchanges has played a crucial role in this rapid adoption. By making the stablecoin more accessiblePayPal has facilitated its adoption, particularly through its recent launch on the GCash mobile payments service in the Philippines via the Solana network.

This initiative has helped to increase the volume of trade, reaching $16.7 million, up more than 140% in just 24 hours.

• Solana circulating supply growth: 230% in 30 days;
• Current trading volume: $16.7 million, up 140% in 24 hours.

Memecoins and PayPal's Adoption of Crypto

PayPal's growing adoption of PYUSD on the Solana blockchain is part of a broader trend where Companies are increasingly integrating cryptocurrencies into their offerings.

Although memecoins, cryptocurrencies often created as a joke, have captured the public's imagination, PYUSD positions itself as a serious and stable solution for cross-border payments.

PayPal announced in May that PYUSD would now be available on Solana, a blockchain known for its speed and low transaction costs.

This initiative aims to improve the speed and efficiency of transactions, providing users with increased flexibility by allowing them to choose between multiple blockchains. Since this expansion, the token supply has increased by more than 90%, reaching a market capitalization of $582 million as of July 30, 2023.

Despite initial skepticism, the PYUSD has shown remarkable performances. Bank of America analysts had predicted slow adoption, but the results contradicted those predictions. B

Although PYUSD and other Solana-based stablecoins represent a small portion of the stablecoin market, with Tether (USDT) and Circle (USDC) dominate with respective market capitalizations of $114.4 billion and $33.7 billionthe growth of PYUSD is undeniable.

Are the Securities and Exchange Commission’s hurdles against PYUSD having any impact? Apparently not. But, with the market constantly evolving, similar statistics should be reassuring for crypto investors.