PayPal's Stablecoin PYUSD Hits New Record Supply of $1 Billion

# PayPal’s PYUSD Stablecoin Surpasses $1 Billion in Circulating Supply, Setting a New Record PayPal USD (PYUSD), PayPal’s stablecoin, has achieved a new milestone with its circulating supply surpassing $1 billion, which is approximately 1.37 trillion Korean won, as reported by The Defiant on October 11. This signifies an all-time high for PYUSD's circulating supply, more than doubling its market value from $498 million at the start of 2024, indicating significant growth. Currently, PYUSD boasts a market capitalization of $1.01 billion, equaling the peak level it reached in August 2024. While PYUSD experienced rapid growth last summer due to increased incentives for its use within Solana’s decentralized finance (DeFi) ecosystem, the recent momentum seems to stem from more organic growth patterns. # Ethereum vs. Solana: The Stablecoin Showdown Ethereum remains the leader in the stablecoin market by assets under management (AUM), holding $125 billion across its blockchain. Meanwhile, Solana holds $11 billion, which is under 10% of Ethereum's total. However, in August 2024, the surging demand for PYUSD created a remarkable scenario where Solana’s circulating supply of PYUSD briefly outpaced that of Ethereum. # Continuous Growth in the Stablecoin Market The upward trajectory of PYUSD highlights the growing prominence of stablecoins as a fundamental component of the cryptocurrency market. Supported by the overall rise in stablecoin market capitalization last year and instances like Circle’s successful public offering, PYUSD has steadily expanded its presence within this expanding market. As stablecoins solidify their role as essential infrastructure for digital assets, PYUSD’s accomplishments indicate ongoing innovation and adoption within the sector.