Paypal USD (PYUSD) Surges to Sixth Largest Stablecoin Rank

• It has just achieved a new milestone, becoming the sixth-largest dollar-pegged token.
• Now PYUSD is officially ahead of USDD, Tron’s stablecoin.

The cryptocurrency market is mired in neutral sentiment, with only little rebounds sprinkled. The market leader in cryptocurrencies, Bitcoin, has increased its value by about 2% since yesterday, eyeing the $60,000 mark. Nevertheless, today’s main attraction is Paypal USD (PYUSD. A dollar-pegged token that has seen tremendous growth in recent days, occupying the position of the sixth biggest stablecoin.

Popular for international transactions and a variety of payment methods, digital payment service provider PayPal has grown in popularity in recent years. In addition, crypto investors prefer this brand since it is crypto-friendly. Especially, because of the release of PYUSD, a widely used stablecoin that is tied to the dollar.

Substantial Progress

Upon its introduction to the market in August 2023, PYUSD quickly became the center of attention. Not only has it added 500,000 transactions to the network, but it has also been ranked among the top 10 stablecoins. It has just achieved a new milestone, becoming the sixth-largest dollar-pegged token, thanks to an $140.9M increase in its supply in only 10 days.

Now PYUSD is officially ahead of USDD, Tron’s stablecoin, as well as USDB, PAXG, TUSD, and many more in the market. According to Coingecko, all of this occurred during the last month, during which time its market cap increased by nearly 97%.

According to Solscan data, the market worth of this token increased from around $651 million on August 6 to more than $791.6 million on August 17.

Most notably, 56.7% of the minting is taking place on Solana, which is much greater than Ethereum. Given that cryptocurrency exchange Bybit has announced the integration of this token on Solana, this may potentially increase even more.

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