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Solana Price Drops 5% After Paypal PYUSD Hit The $1Billion Mark: Will it Switch? Coingape 27 Aug 2024

Solana Price Drops 5% After Paypal PYUSD Hit The $1Billion Mark: Will it Switch? 💸

Solana Paypal PYUSD True USD USA USDD

Paypal's stablecoin, PYUSD, has reached a significant milestone by hitting a $1 billion market cap, making it the fifth largest stablecoin. This stablecoin is backed by the US dollar and maintains a stable value around the $1 mark. It has now surpassed USDD and True USD in market cap.

The growth of PYUSD has seemingly impacted the Solana network, which has experienced a 5% drop in its price amid these developments.

Source: coingape.com ↗

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