Why Does PayPal’s Stablecoin PYUSD Perform Better on Solana
Contributor
- The PYUSD stablecoin is now the seventh largest stablecoin in the entire crypto market.
- Historically, the stablecoin has been a catalyst for Solana to overtake Ethereum in adoption rates.
PayPal’s PYUSD stablecoin, issued by Paxos, runs on the Solana blockchain [SOL] enabling fast and secure transactions for over 30 million merchants.
This expansion supports PayPal’s goal of creating a stable digital currency for payments, thus presenting a good opportunity for investors.
At press time, PYUSD was quickly gaining market share and had a press time market cap of around $737 million.
Source: CoinMarketCap
PayPal’s PYUSD stablecoin was the seventh largest at press time, with its market cap increasing by over 150% after expanding to Solana, which saw over $6 million in trading volume.
Following its launch on Solana, PayPal became the source of two prophetic indicators in the crypto space: Solana overtook Ethereum [ETH] as the go-to-chain and transaction privacy went mainstream (CT), causing PYUSD’s supply on that network to overtake Ethereum.
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This move underscores Solana’s growing influence in decentralized finance and its growing importance in the crypto ecosystem. p >
The PYUSD stablecoin is rapidly expanding on the Solana blockchain, overtaking Ethereum. This growth is driven by higher yields from Solana’s DeFi protocols,
PayPal’s weekly incentives,and a strategic focus on
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