PayPal’s PYUSD stablecoin has seen its market cap hit $500 million after expanding to the Solana blockchain in May. Weekly transaction volumes for PYUSD have surged to over $500 million, up from $150 million previously.
Since joining the Solana ecosystem, PYUSD’s market supply increased by 90%, now totaling $534 million across Solana and Ethereum. Notably, 74% of this supply is on Ethereum, with the remaining 25% on Solana.
The shift to Solana aimed to make PYUSD faster and cheaper to use. This integration has boosted Solana’s position as a viable financial alternative, with a 61% increase in PYUSD supply on Solana in just one week.
This growth has tripled the weekly trading volume for PYUSD, enhancing its use-case value and challenging fintech giants like Coinbase and Circle. The strategic move underscores PayPal’s commitment to expanding blockchain options and improving transaction efficiency.
