The supply of PYUSD, a US dollar-pegged stablecoin issued by PayPal, on the Solana network has surpassed its supply on the Ethereum network.
The supply of the stablecoin, which started to be used on the Solana network in May, exceeded 377 million. According to Etherscan data, the supply of Ethereum-based PYUSD tokens stands at 356 million.
PayPal first launched its US dollar-pegged stablecoin on Ethereum in August 2023 in partnership with custodian Paxos.
Following the launch, PYUSD supply reached $230 million by the end of 2023. Since then, the stablecoin supply has more than tripled to over $733 million.
The stablecoin was brought onto the Solana network in May 2024. Platforms such as Solana-based decentralized exchanges Jupiter and Orca added PYUSD to their pools, which contributed to the stablecoin's growth on the Solana network. This growth took place alongside centralized stablecoins like USDC and USDT.
PayPal's market capitalization of $733 million makes it the fourth largest issuer of centralized stablecoins after Tether (USDT), Circle (USDC) and First Digital (FUSD). USDT and USDC have market capitalizations of $120 billion and $36 billion respectively.
