DeFi
PayPal’s $PYUSD stablecoin thrives on Solana with significant growth in DeFi and DEX markets » The Merkle News
PayPal The stablecoin, $PYUSD, has quickly carved out a robust ecosystem on the The Solana blockchain. In a short time, it was perfectly integrated into the Challenge landscape and is now widely available on major decentralized exchanges (DEX).
Over the past month, the $PYUSD cryptocurrency market cap has seen a remarkable 21% increase, propelling its total market cap to approximately $400 million. This milestone positions the $PYUSD cryptocurrency as the tenth-largest stablecoin in the market.
Speaking of stablecoins,
PayPal’s stablecoin $Pyusd has gained more than 21% in market capitalization over the past month.
It currently owns around $400 million worth of MC, making it the tenth largest stablecoin in the market.
Source: @intotheblock pic.twitter.com/jKot54ZMk6
— WonderGirl 🥷 (@Onlywondergirl) May 31, 2024
Kamino Financing has played a pivotal role in expanding the $PYUSD ecosystem by offering highly attractive deposit yields. Currently, investors can earn over 20% APY on their $PYUSD deposits via Kamino, generating significant interest from the DeFi community.
@PayPalThe new stablecoin of $PYUSD already forms an ecosystem on Solana
As shown below, it is integrated into the DeFi ecosystem and is available on major DEXs.
But one protocol stands out: @KaminoFinance which captured a significant share of the growth $PYUSD… pic.twitter.com/JrjAlh1ukH
— Vybe Network (@Vybe_Network) July 2, 2024
PayPal’s popularity extends to over $400 million PYUSD in circulation
PayPal’s stablecoin has been on the rise in popularity over the past year. With over $400 million PYUSD in circulation, about 30% of that is actively used on DeFi platforms. Notably, over $50 million is traded on decentralized exchanges, with Curve being one of the leading venues.
PayPal stablecoin $pyUSD has been gaining popularity every day for the past year
Currently, there is over $420 million pyUSD in circulation, 30% of which is in DeFi and over $50 million in decentralized exchanges (mostly on Curve)
— Worms (@MarcoWorms) July 1, 2024
As $PYUSD continues to gain traction, its integration into DeFi and DEX ecosystems on Solana underscores its growing importance in the stablecoin market.
Disclosure: This is not trading or investment advice. Always do your research before purchasing cryptocurrency or investing in any service.
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