According to ChainCatcher news reported by The Defiant, PYUSD added a circulating supply of 625 million USD in the past week, with an increase of 22%, leading the stablecoin market growth rankings.
The newly minted PYUSD has all flowed into the Ethereum network, raising its total supply on Ethereum to $2.38 billion. This increase comes just a month after the issuer Paxos accidentally minted $3 million worth of PYUSD last month.
After last week's surge in supply, PYUSD has risen to become the sixth largest stablecoin in the DeFi space, with a market share just over 1%. This marks PayPal's continued efforts in the stablecoin race. Although there is still a significant gap compared to leading stablecoins like USDT and USDC, its growth rate demonstrates the strong momentum of traditional financial institutions entering the crypto market.
Analysis points out that PayPal's vast user base and brand influence may become key advantages for the future expansion of PYUSD.
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