Thomas Daniels
Ever since PayPal integrated with the Solana (SOL) ecosystem, its stablecoin PYUSD has seen its weekly trading volume exceed 300 million transactions. This strategic move has significantly impacted PYUSD’s performance.
PayPal’s PYUSD stablecoin’s weekly transaction volumes have skyrocketed to over $500 million, a substantial increase from the previous $150 million. This growth follows PayPal’s expansion of PYUSD to the Solana blockchain in May, which resulted in a 90% rise in its market supply, now exceeding half a billion dollars.
According to DeFiLlama, the total supply of PYUSD across Solana and Ethereum is approximately $534 million. Of this, 74% is held on Ethereum, while the remaining 26% is on Solana.
Strategic Implications
On May 29, PayPal announced the launch of PYUSD on the Solana blockchain, aiming to enhance the speed and cost-efficiency of transactions. The integration provides users with more blockchain options for PYUSD, contributing to its rapid growth on the Solana network.
In the past week, PYUSD’s supply on Solana surged by 61%, while its supply on Ethereum decreased by 7%. This shift has driven the overall increase in trading volume, with weekly transaction volumes tripling to $500 million by the end of the last month.
Paul Fidika, a prominent Solana developer, described PYUSD as the “sleeper hit on Solana,” enhancing the blockchain’s position as a competitive financial alternative. He noted that this integration is shifting use-case value from fintech giants like Coinbase and Circle to Solana.
