PayPal USD Stablecoin Surpasses $1 Billion Market Cap
PayPal’s stablecoin, PayPal USD (PYUSD), has recently achieved a market cap exceeding $1 billion, according to CoinMarketCap.
Launched in 2023, PYUSD is a digital dollar equivalent backed 1:1 by actual US dollars and issued by Paxos Trust Company.
This stablecoin, which operates on Ethereum’s ERC-20 standard, is currently the only stablecoin integrated into PayPal’s payment ecosystem. It aims to cater to a broad range of Web3 applications and is supported by major platforms and exchanges.
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PayPal has been actively expanding PYUSD’s use, including collaborations with Anchorage Digital for reward programs and partnerships with Crypto.com and Phantom to launch it on the Solana blockchain.
Additionally, PayPal has joined forces with MoonPay to enable crypto purchases through PayPal accounts.
Despite these advances, PYUSD is still behind major stablecoins like Tether (USDT) and USD Coin (USDC), which dominate the market with significantly larger capitalizations.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
