TechFlow News, according to CoinMarketCap data, the total market capitalization of PayPal USD (PYUSD), the dollar-pegged stablecoin issued by PayPal, has surpassed the $1 billion mark.
Launched in 2023, PYUSD is issued by Paxos Trust Company, a U.S.-regulated cryptocurrency custodian, and fully backed 1:1 by the U.S. dollar. As an Ethereum-compatible ERC-20 token, PYUSD is the only stablecoin supported within PayPal's payment system. In May this year, PayPal expanded PYUSD into the Solana ecosystem, partnering with Crypto.com, Phantom, and Paxos to provide users access to blockchain networks.
PYUSD’s market cap remains significantly lower than leading dollar-pegged stablecoins such as USDT (approximately $118 billion) and USDC (around $35 billion). PayPal is actively enhancing PYUSD accessibility, including launching a custody rewards program with Anchorage Digital and collaborating with MoonPay to enable users to purchase cryptocurrencies via their PayPal accounts.
