PYUSD has grown quickly, and we wanted to understand how that usage actually looks onchain. We analyzed ~2M PYUSD transfers between Apr 2024 and Sep 2025, across roughly 70k wallets on Ethereum and Solana to see where activity concentrates and how DeFi programs shape it. Here is what we found:

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Disclaimer: The content above is only the author's opinion which does not represent any position of Followin, and is not intended as, and shall not be understood or construed as, investment advice from Followin.
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