Since its integration with Solana on May 29, PayPal’s stablecoin, PYUSD, has experienced a significant surge in market capitalization, soaring by 150% and reaching a total value of $684 million.
The utilization of PYUSD is evenly divided between Solana and Ethereum, with 48.32% and 51.68%, respectively. This increase in growth can be linked to the implementation of incentive campaigns within its applications, such as Kamino.
PYUSD offers the highest annual percentage yield (APY) as collateral on the Solana-based money market and has the lowest borrowing cost. Nevertheless, it lags behind its more established counterparts, such as Tether USD (USDT) and USD Coin (USDC).
USDC accounts for 70.5% of Solana’s stablecoin total market value, while USDT represents 20%. PYUSD ranks third, with about 9% of the market share.
USDT has recently exceeded a market capitalization of $115 billion, indicating its growing acceptance as the preferred digital currency for a range of transactions and applications, especially in developing economies dealing with the depreciation of their currencies.
