PayPal's stablecoin PYUSD has surpassed a $1 billion market cap since its launch in 2023. This digital asset is backed 1:1 by US dollars and is issued by Paxos Trust Company.
PYUSD has recently expanded to the Solana blockchain, where it has seen rapid growth. Incentives and DeFi integrations have been pivotal in boosting its adoption.
Despite its impressive growth, PYUSD still significantly trails behind market leaders USDT, with a market cap of $118 billion, and USDC, with $35 billion.
