PayPal Stablecoin: PYUSD Supply on Solana Surpasses Supply on Ethereum

The supply of PayPal’s US dollar-pegged stablecoin on Solana has surpassed the amount available on Ethereum, the latest data shows. Since its launch on Solana in May 2024, the supply of PYUSD tokens on the platform has surpassed 377 million. Meanwhile, on Ethereum, the supply is 356 million.

PayPal’s PYUSD stablecoin initially launched on the Ethereum network in August 2023 through a partnership with custodian Paxos. Since its launch, PYUSD has reached a supply of 230 million tokens by the end of that year. Over the course of 2024, this supply has more than tripled to a total of 733 million tokens, worth $733 million.

PYUSD’s expansion to the Solana network in May 2024 appears to have been a strategic move, given Solana’s growing popularity for fast and low-cost transactions. PYUSD’s inclusion in Solana decentralized exchange (DEX) pools such as Jupiter and Orca likely contributed to the significant increase in supply on the network.

PayPal Stablecoin on Solana and Ethereum

Additionally, Solana was already a popular choice for other centralized stablecoins such as USDC and USDT, which may have favored the adoption of PYUSD.

With a market cap of $736 million, PayPal’s stablecoin ranks as the seventh-largest stablecoin on the market. The digital currency ranks behind stablecoins USDT, USDC, DAI, USDE, FDUSD, and USDD.

According to data from CoinGecko, USDT and USDC have substantially larger market caps, at $120 billion and $36 billion, respectively. But PYUSD is very close to USDD in market cap, as the stablecoin has a market cap of $744 million.

Therefore, it seems to be a matter of time before PayPal’s stablecoin reaches sixth place among stablecoins.

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