In the current robust Bitcoin market where new record highs are being set, it’s noteworthy that PayPal’s stablecoin, PYUSD, experienced a substantial drop in circulation. By March, its circulating supply had decreased by approximately 39% compared to early February, amounting to $188.5 million.
USDT on PayPal, which began with a strong momentum, saw its circulation amount to approximately $304 million in February and around $301 million in January, according to CoinGecko’s data report. The market capitalization of USDT on PayPal reached a peak of $312 million on the 26th of February. However, this growth began to dwindle afterwards.
According to the latest figures from Coinmarketcap, the market value of Pyusd has increased to $191 million – a small yet noticeable rise in comparison to the previous week.
In August 2023, PYUSD was introduced as a new digital currency focusing on transactions and Web3 technology. It started with a value equivalent to one US dollar.
Despite having a relatively low market share, PYUSD has secured the 13th spot amongst stablecoins based on market capitalization, exceeding both USDP and GUSD in the process.
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2024-04-09 04:04