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PayPal Stablecoin Volume to Reach $4 Billion, Driven by DeFi Protocols
Summary: According to DL News, the circulation of PayPal's stablecoin PYUSD has surged by 224% since September, surpassing $3.8 billion to become the sixth largest stablecoin. DeFi protocol Ethena is the largest holder of PYUSD, holding $1.2 billion through custody provider Copper. PayPal is collaborating with liquidity management firm Sentora to provide incentives on decentralized exchange ...
According to DL News, the circulation of PayPal's stablecoin PYUSD has surged by 224% since September, surpassing $3.8 billion to become the sixth largest stablecoin. DeFi protocol Ethena is the largest holder of PYUSD, holding $1.2 billion through custody provider Copper. PayPal is collaborating with liquidity management firm Sentora to provide incentives on decentralized exchange Curve Finance and subsidize DeFi protocol users' earnings. Solana lending protocol Kamino currently offers nearly 6% annualized returns for PYUSD lending, partially subsidized by PayPal. Over the past three months, the PYUSD volume on Solana has grown from $250 million to over $1 billion. US Treasury Secretary Scott Benson predicts that the stablecoin market size will reach $30 trillion by 2030.
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Link: PayPal Stablecoin Volume to Reach $4 Billion, Driven by DeFi Protocols [Copy]
