According to data from CoinMarketCap, the total market value of PayPal USD (PYUSD), the stable currency launched by payment giant Paypal, has reached US$1 billion.
Paxos, the encryption custodian responsible for handling the minting of PYUSD, posted on X that PayPal USD reached this milestone nearly 2 times faster than USDC and 3 times faster than USDT.
PYUSD was initially launched on Ethereum, but in May this year PayPal partnered with companies such as Crypto.com, Phantom and Paxos to launch PYUSD on Solana. Since then, PYUSD has grown rapidly. According to on-chain data, the current circulation of PYUSD on the Ethereum network is about 340 million. In comparison, the circulation of PYUSD on the Solana network has reached 660 million, which is much larger than Ethereum.
