PayPal’s U.S. dollar-pegged stablecoin, PYUSD, launched in August 2023 through a partnership with custodian firm Paxos, has achieved a significant milestone by surpassing a market supply of half a billion tokens.
Initially reaching a supply of 230 million tokens by the end of 2023, PYUSD has more than doubled its supply, now exceeding the 500 million mark ($500 million) this month, according to DeFiLlama data. Over the past month alone, the stablecoin’s supply surged by 97%, growing from 270 million on June 26 to over 533 million currently. This remarkable growth places PayPal among the top ten stablecoin issuers, with Tether USD leading the market with a supply of over 112 billion.
A significant driver behind PYUSD’s expansion has been its integration into the Solana network in May. Since then, Solana has hosted approximately 134.5 million PYUSD tokens, accounting for 25.2% of the overall supply. Meanwhile, nearly 399 million PYUSD stablecoins are on Ethereum, as reported by The Block’s price page.
PYUSD’s growth has been significantly supported by its adoption on centralized exchanges like Crypto.com and its integration into decentralized finance (DeFi) protocols such as Curve and Frax. These platforms have been instrumental in enhancing the stablecoin’s circulation and usability over the past year.
On Ethereum, Paxos holds the largest portion of PYUSD with 112 million tokens, representing over 20% of the total supply. This is followed by Crypto.com exchange with 103 million tokens, Defiance Capital with 35 million tokens, BitGo with 14.8 million tokens, and Curve with 14 million tokens, according to on-chain data provided by Nansen.