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PayPal's PYUSD Stablecoin Reaches $1B Market Cap
Summary: PayPal’s US dollar-pegged stablecoin, PayPal USD (PYUSD), has surpassed a $1 billion market capitalization, according to CoinMarketCap. Launched in 2023 and issued by Paxos Trust Company, PYUSD is backed 1:1 by the US dollar and competes with major stablecoins like Circle’s USD Coin (USDC) and Tether (USDT). An Ethereum-compatible ERC-20 token, PYUSD is currently the ...
PayPal’s US dollar-pegged stablecoin, PayPal USD (PYUSD), has surpassed a $1 billion market capitalization, according to CoinMarketCap. Launched in 2023 and issued by Paxos Trust Company, PYUSD is backed 1:1 by the US dollar and competes with major stablecoins like Circle’s USD Coin (USDC) and Tether (USDT).
An Ethereum-compatible ERC-20 token, PYUSD is currently the only stablecoin integrated with PayPal’s payment rails. It is designed for broad accessibility, aimed at developers, wallets, and Web3 applications, and can be easily onboarded by cryptocurrency exchanges.
Despite reaching this milestone, PYUSD remains significantly smaller than its top rivals. As of now, USDT commands nearly $118 billion in market capitalization, while USDC holds around $35 billion, according to CoinMarketCap.
PayPal continues to expand PYUSD’s reach, partnering with platforms like Anchorage Digital for a rewards program and collaborating with Solana, Crypto.com, and MoonPay to enhance its presence in the blockchain ecosystem.
Tags: Paypal,PYUSD,USDC,USDT
Link: PayPal's PYUSD Stablecoin Reaches $1B Market Cap [Copy]
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