PayPal’s stablecoin, PayPal USD (PYUSD), has reached a significant milestone.
It has surpassed $1 billion in total market capitalization, according to CoinMarketCap data. Let’s explore more about PYUSD.
PYUSD Hits $1B Market Cap, Competing with Top Stablecoins
Launched in 2023, PYUSD is a US dollar-pegged stablecoin issued by Paxos Trust Company. It is a US-regulated crypto custodian. PYUSD is backed 1:1 by US dollars, ensuring stability and trust for its users. As an Ethereum-compatible ERC-20 token, PYUSD is the only stablecoin integrated into PayPal’s payment infrastructure.
It is designed to be easily adopted by developers, wallets, and Web3 applications. It makes it a versatile option for those involved in the cryptocurrency ecosystem.
Source: Coinmarketcap
To enhance PYUSD’s accessibility and appeal, PayPal has partnered with various companies and platforms. In May, the company launched PYUSD on the Solana blockchain, working with Crypto.com, Phantom, and Paxos.
More About PYUSD’s Growth
Additionally, PayPal teamed up with Web3 infrastructure provider MoonPay to enable cryptocurrency purchases using PayPal accounts. In July, PayPal further extended this partnership to on-ramp users to the crypto betting platform Polymarket. Here are more stats about PYUSD:
Source: Dune
PayPal has also collaborated with Anchorage Digital. They aimed to create a rewards program for clients who have custody of PYUSD with the crypto custodian.
So, these efforts are part of PayPal’s broader strategy to integrate this stablecoin into the growing digital finance landscape. The goal is to make it a preferred stablecoin for users and developers alike.
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