Despite the recent surge in the cryptocurrency market, Paypal’s stablecoin PYUSD has remained relatively quiet in the race among the top ten stablecoins. While stablecoins accounted for a significant portion of the global trading volume, PYUSD has not seen much activity.
PYUSD was introduced 217 days ago on the Ethereum blockchain platform and has climbed its way up to become one of the leading stablecoins tied to the U.S. dollar. However, its market value has decreased by 25.8% in the last month, from $305 million to $221 million. There are currently 224 million PYUSD tokens in circulation, with 53,472 transactions recorded since its launch. The largest holders of PYUSD include Curve Finance, Defiance Capital, and Crypto.com.
In terms of trading activity, PYUSD has fallen behind other leading stablecoins. In the last 24 hours, 93 tokens, both stablecoins and non-stablecoins, have surpassed PYUSD in trading volume. While PYUSD saw $15.5 million in trades, other stablecoins like USDT, FDUSD, and USDC recorded trading volumes in the billions. Even Binance-Peg BUSD and Curve Finance’s CRVUSD had significantly higher trading volumes than PYUSD.
Despite Paypal’s influence in the payment and finance sector, PYUSD faces strong competition from well-established stablecoins like USDT, USDC, FDUSD, and DAI. With its declining trading volume and circulating supply, PYUSD has yet to make a significant impact in the stablecoin market.
What are your thoughts on PYUSD’s lackluster performance during the cryptocurrency market upswing? Let us know in the comments section below.