TechFlow news, on July 9, according to Cryptoslate, PayPal's PYUSD stablecoin supply surged by 90% after expanding to the Solana blockchain, surpassing a market capitalization of $500 million. According to DeFiLlama data, as of July 8, the total supply of PYUSD across Solana and Ethereum was approximately $520 million. The supply on Ethereum stood at $399 million, accounting for 77% of the total, while Solana’s supply reached $118.65 million, representing 23%. Over the past week, the supply on Solana increased by about 58%, whereas the supply on Ethereum dropped by 6%.
In addition, PYUSD’s weekly trading volume exceeded $500 million at the end of last month, significantly higher than its previous average of around $150 million. Solana developer Paul Fidika referred to PYUSD as a "dark horse" on Solana, noting that the stablecoin renders Coinbase and Circle irrelevant. PYUSD has been integrated into major Solana-based DeFi protocols, including DEX platforms Jupiter and Orca, as well as Kamino Finance—the largest lending and liquidity protocol on Solana—which offers a 23% annual percentage yield (APY) for PYUSD.
