PayPal’s Stablecoin Supply Surpasses Ethereum

The supply of PayPal’s U.S. dollar-pegged stablecoin on Solana has surpassed its Ethereum network supply, according to recent data.

Since launching in May 2024, the supply of Solana-based PYUSD tokens has exceeded 377 million. In contrast, Ethereum-based PYUSD tokens hold a supply of only 356 million.

PayPal’s U.S. dollar-pegged stablecoin initially launched on Ethereum in August 2023 through a partnership with custodian firm Paxos. After its release, PYUSD’s supply reached 230 million by the end of 2023, more than tripling since then to surpass a total supply of 733 million dollars (worth $733 million).

The stablecoin expanded to Solana in May 2024, where Solana-based decentralized exchanges like Jupiter and Orca have integrated PYUSD into their pools, boosting its growth alongside leading centralized stablecoins like USDC and USDT.

With a market cap of $733 million, PayPal is now the fourth-largest centralized stablecoin issuer, following Tether (USDT), Circle (USDC), and First Digital (FUSD). According to The Block data dashboard, USDT and USDC currently have market caps of $120 billion and $36 billion, respectively.