PYUSD Market Capitalisation Surpasses $500 Million Following Solana Integration

The total market capitalisation of PayPal USD (PYUSD) stablecoins has exceeded $500 million, according to DeFi Llama. This milestone was achieved following the addition of support for Solana.

Over the past month, the figure has risen from $270 million to over $531.9 million. The increase in PYUSD supply followed its expansion to the Solana network in May. Currently, one in every four tokens is on this blockchain.

CoinMarketCap and CoinGecko estimate PYUSD’s capitalisation at $399 million. On the latter platform, the asset ranks 12th in the “stablecoins” category.

According to The Block, the integration of the token into DeFi protocols such as Curve and Frax, as well as its listing on centralised platforms, has driven the growth in total market value.

In April, PayPal announced the creation of the Xoom cross-border payments and transfers service based on PYUSD.

The launch of PayPal’s “stablecoin” raised concerns in the US Congress due to the lack of a regulatory framework for such assets. In November, it was revealed that the SEC is investigating PYUSD.