PayPal’s partnership with Paxos to launch the stablecoin PYUSD in August has seen its market value surpass $290 million, indicating significant growth. By the end of August, the total supply of PYUSD reached 43.3 million, with Paxos holding 90% of the supply, suggesting controlled distribution.
Since its launch, PYUSD’s market value has increased more than fivefold to $293 million, with a 70% increase from $170 million in the previous month, placing PayPal among the top ten stablecoin issuers.
Tether remains the leader in the stablecoin market with a value exceeding $94 billion. PYUSD’s listing on centralized exchanges like Crypto.com and Kraken, as well as integration into decentralized finance protocols, has contributed to its growth.
The distribution of PYUSD has also expanded, with Crypto.com now holding the largest share of the total supply at 112.8 million tokens (38.7%). DeFiance Capital, Curve, Kraken, and Paxos follow with significant holdings according to on-chain data from Nansen.
Decentralized Finance (DeFi) protocols have begun integrating PYUSD, with Curve hosting a $135 million liquidity pool for PYUSD and Frax’s decentralized stablecoin. Aave’s community members have proposed integrating PYUSD, highlighting its growing relevance in DeFi. Nansen’s Edward Wilson notes significant balance changes and increased activity in the PYUSD/FRAX Curve liquidity pool over the last 30 days. The stablecoin’s daily transaction volume is approximately $29 million, slightly less than 10% of its market value.