A crypto project by a digital payment company has achieved a major milestone. PayPal’s PYUSD Stablecoin’s market capitalization has now officially reached $1 billion. Some attribute its recent surge in price to the expansion of its network on Solana. The move was a huge success after a slow start.
Stablecoin was launched in 2023 exclusively for the Ethereum network. Yet they chose to expand, a decision that proved profitable. In addition, they offered more incentives for stablecoins that had failed to live up to their launch.
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The PYUSD Stablecoin thrives on Solana and hits $1 billion market cap
In 2024, the traditional financial institutions will seek to increase their exposure in the crypto-market. Asset manager with $10 trillion in assets BlackRock Mastercard has always been a reliable card. PayPal was one of the more interesting. In an effort to be competitive, PayPal used a new approach that paid off.
The PYUSD stablecoin from PayPal has reached $1 billion in market value, according to reported. CoinMarketCap. In the past two months, Paxos’ asset supply has more than doubled. It has also seen an increase in activity due to its expansion into Solana.
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PYUSD’s popularity helped to curb a general market decline. The stablecoin’s user base exploded during the summer. Monthly active wallet addresses reached 25,000 in July. This is an increase of a significant amount from the 9,400 figures in MAt. Visa analytics.
PYUSD’s arrival was seen as a major game changer. It didn’t make the impact that many had hoped. Even though it couldn’t compete with Circle’s USDC Tether, with its USDT, has begun to establish itself as a competitor. own Place in the cryptocurrency market. This position is expected to continue expanding and consolidating as Solana grows.
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Source: watcher.guru