- PayPal PYUSD celebrates the important milestone that PYUSD has reached, achieving a $1 billion market capitalization.
- How the Solana Network was key to PYUSD’s growth and compares it with Ethereum
PayPal’s new service has now been available for one year. PYUSD It has taken a long time to evaluate the performance of stablecoin.
Stablecoins have performed extremely well during their first year. They just passed an important landmark, thanks to Solana [SOL].
PYUSD started off slowly, but the momentum picked up when it was introduced to the Solana Network in May.
The company has continued to grow at an increased rate since that time and it recently crossed over the $1 Billion market capitalization.
CoinMarketCap
PYUSD had a marketcap of less than 50 million dollars 12 months earlier. PYUSD now ranks among the fastest-growing stablecoins.
This article highlighted how stablecoins have been performing as on-ramps, and that adoption in the Solana system has been very high due to high yields.
Since the launch of Solana, stablecoin marketcap has increased by more than 270%.
Solana’s adoption is pivotal for PYUSD growth
PYUSD adoption and usage on Solana has been dominated by PYUSD. Ethereum [ETH] Network earlier in the month.
As of this writing, there were over $662.07 in Solana, a stablecoin supported by PayPal, and approximately $345.09 (34.26%) of that amount on Ethereum.
Source: DefiLlama
PYUSD was the dominant stablecoin on Ethereum before August mid. The Solana Network has grown much faster than Ethereum.
The recent performance shows Solana’s influence on PYUSD. According to DefiLlamaPYUSD for Solana has grown by 29,36% over the past seven days, and 177% within the last thirty days.
It was lower by 3.31% in the past 7 days on the Ethereum Network and 0.79 % in the previous four weeks.
PYUSD adoption rates are now at an impressive rate. third most popular The Solana network has a stablecoin. Solana’s network offers incentives, like high yields, that make rapid growth possible.
PayPal PYUSD, which is just one year old, has already made significant progress. It’s a solid start and could be a precursor to more growth in the future with more decentralized networks.
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Source: ambcrypto.com
