PayPal Increases Supply of Their Stablecoin PYUSD by a MASSIVE 90%...

PayPal's foray into the stablecoin market with PayPalUSD (PYUSD) has been nothing short of remarkable.

The total market capitalization of PYUSD has skyrocketed to $8 million, marking a staggering 90% growth from its initial value slightly above $2 million at the start of the month.

This meteoric rise can be attributed to its adoption by several leading centralized exchanges.

Notably, Kraken was a significant player, contributing to 90% of PYUSD's trading volume last month.

The surge in supply aligns with the trading volumes, which have amplified fourfold, touching $9.29 million. Since its inclusion on September 7, Huobi has become a dominant force, accounting for 57% of the coin's trading volume.

Currently, PYUSD predominantly trades against other stablecoins such as USDT, USD, and EUR. However, Crypto.com stands out as the sole exchange offering trading pairs with major cryptocurrencies like bitcoin (BTC) and ether (ETH) against PYUSD, though these pairs have yet to gain substantial volume.

The potential for PYUSD's growth is palpable, especially as more exchanges are poised to introduce diverse trading pairs. Launched on August 7, PYUSD is underpinned by dollar deposits and short-term US Treasuries, operating as an ERC-20 token on the Ethereum network.

Could PYUSD be gearing up to challenge USDT and USDC?

While PayPal has some distance to cover, the current trajectory suggests a promising future. If they maintain this pace, PYUSD could indeed emerge as a formidable contender in the stablecoin arena.

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Author: Mark Pippen
London Newsroom
GlobalCryptoPress | Breaking Crypto News

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It Launched BARELY 1 Year Ago, and PayPal's Stablecoin (PYUSD) Just Surpassed a $1+ Billion Market Cap...

PayPals foray into the world of crypto has been a huge success for the company, and the highlight of this venture has to be their flagship stablecoin, PayPal USD (PYUSD), recently crossing the $1 billion mark in total market capitalization, as reported by CoinMarketCap.

Launched in 2023, PYUSD is pegged to the US dollar at a 1:1 ratio, ensuring stability and ease of use for transactions in the digital economy. The stablecoin is issued by Paxos Trust Company, a US-regulated entity known for its compliance and security standards in the crypto space.

As an ERC-20 token on the Ethereum blockchain, PYUSD benefits from Ethereums robust infrastructure and widespread adoption in the blockchain community. This design choice means its not only compatible with Ethereum but also integrates seamlessly with the broader ecosystem of third-party developers, wallets, and Web3 applications. For developers and businesses, this translates to an easier onboarding process for integrating PYUSD into their platforms and products, enabling a smoother user experience and expanding the utility of digital assets in everyday transactions.

The rise of PYUSD is a significant milestone, underscoring the growing demand for stable, fiat-backed digital currencies...

Stablecoins blend the benefits of blockchain technology with the familiarity of traditional money. According to Dan Schulman, president and CEO of PayPal, the increasing shift towards digital currencies necessitates reliable, easy-to-integrate financial instruments that are both digitally native and anchored by fiat currencies like the US dollar. PYUSD aims to fill this gap, offering a stable value that helps mitigate the volatility typically associated with cryptocurrencies.

Moreover, PYUSD is the only stablecoin currently supported by PayPals payments infrastructure, making it a unique offering in the digital payments space. This exclusivity suggests that PayPal is positioning PYUSD as a cornerstone of its strategy to bridge traditional finance and the decentralized finance (DeFi) world, catering to a growing user base thats increasingly comfortable with digital currencies.

For crypto exchanges, the appeal of PYUSD lies in its backing by a trusted name like PayPal and a regulated issuer like Paxos, offering an extra layer of credibility that many other stablecoins lack. As stablecoins continue to play a pivotal role in the adoption of digital currencies, PYUSDs rapid ascent highlights the potential for major fintech companies to influence and shape the future of digital payments.

With PYUSDs market cap on the rise, all eyes are on how PayPal will leverage its established global reach and technological prowess to further drive the adoption of digital currencies and redefine the landscape of online payments. As the digital finance space evolves, PYUSD could be a key player in the ongoing transformation of how value is stored, transferred, and used in a world thats increasingly turning to blockchain technology.

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Author: Oliver Redding
Seattle Newsdesk  / Breaking Crypto News

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PayPals PYUSD stablecoin hits $1B market cap

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Anchorage adds PayPal stablecoin yield to custody platform

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Anchorage Digital launches reward program for PYUSD holders amid $1B milestone

Anchorage Digital, a leading institutional-grade crypto platform, has launched a reward program for institutional investors holding PYUSD on its platform or in its self-custody wallet Porto, according to an Aug. 22 statement. The company announced that institutions using its services or Porto can now earn “competitive rewards” on their PYUSD holdings. Unlike other reward programs […]

The post Anchorage Digital launches reward program for PYUSD holders amid $1B milestone appeared first on CryptoSlate.

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Paypal USD (PYUSD) Surges to Sixth Largest Stablecoin Rank

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PayPals PYUSD Stablecoin Supply on Solana Exceeds Ethereum

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PayPals PYUSD Stablecoin Surpasses $500 Million in Market Cap

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PayPals PYUSD supply surges 90% after Solana expansion, market cap hits $500 million

PayPal’s PYUSD stablecoin supply has grown by 90% after it expanded to the Solana blockchain in May, with its market capitalization surpassing the $500 million mark as of July 8. According to DeFillama data, PYUSD’s total supply on Solana and Ethereum has reached approximately $520 million on July 8. Solana is driving PYUSD growth A […]

The post PayPal’s PYUSD supply surges 90% after Solana expansion, market cap hits $500 million appeared first on CryptoSlate.

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PayPal USD (PYUSD) Now Supported on Crypto.com Pay

PayPal USD (PYUSD), issued by Paxos, is now available on Crypto.com Pay, enhancing utility for millions of users. (Read More)

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How to build with PayPal USD (PYUSD) on Solana

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What is PayPal USD and how to buy PYUSD in the US?

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PayPal banks on Solanas stablecoin dominance to bolster PYUSD adoption

PayPal said it has expanded its US dollar stablecoin PYUSD to the Solana blockchain network to empower its users with fast, secure, and cheaper stablecoin transactions, according to a May 29 statement. Solana corroborated this development in a separate statement, adding that PYUSD holders would enjoy a “high throughput and speed of settlement” and a […]

The post PayPal banks on Solana’s stablecoin dominance to bolster PYUSD adoption appeared first on CryptoSlate.

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PayPal Integrates Stablecoin PYUSD with Solana Blockchain

PayPal has integrated its stablecoin Paypal USD (PYUSD) with the Solana blockchain, promising faster and more cost-effective transactions. This move aims to enhance user flexibility by leveraging Solanas capability tohandle high-volume, low-cost transactions efficiently.

PayPal USD Joins Forces with Solana

PayPal announced the availability of PYUSD on theSolana blockchain during the crypto event, Consensus 2024. Solana is renowned for its ability to process a vast number of transactions quickly and at minimal cost, making it an ideal platform for stablecoin transfers. According to data from blockchainanalytics platform Artemis, Solana is the leading blockchain for tokenizedtransactions, making it a perfect match for PYUSD payments.

Sheraz Shere, the GM of Payments at the SolanaFoundation, mentioned: "The Solana network's speed and scalability make it theideal blockchain for new payment solutions that are accessible, cost-effective,and instantaneous. Continued adoption from industry participants like PayPalhelps realize the next generation of fintech innovation."

The integration with Solana reportedly ensures thatPYUSD maintains a unified balance in PayPal and Venmo wallets, regardless ofthe blockchain used. This feature aims to enhance user experience, offering theoption to transfer PYUSD via either Ethereum or Solana. Crypto.com, Phantom,and Paxos are among the platforms that will facilitate the purchase of PYUSD onSolana.

Issued by Paxos Trust Company

PayPal USD is issued by Paxos Trust Company, an entityregulated under the New York State Department of Financial Services. Thestablecoin is fully backed by US dollar deposits, US Treasuries, andsimilar cash equivalents. Users can buy or sell PYUSD through PayPal and Venmoat a rate of $1 per PYUSD.

Recently, BVNK, a payments infrastructure provider,integrated PYUSD into its platform to enhance its payment optionsfor businesses. This integration enables businesses to transact using the US dollar-peggedstablecoin. Alongside PYUSD, users can access 14other popular digital currencies and 25 fiat currencies, broadening thespectrum of payment choices.

BVNK customers can also access various functionalities,including creating PYUSD wallets, settling payments globally, and acceptingconsumer payments in PYUSD. Additionally, they can convert PYUSD into majorfiat currencies like EUR and GBP through BVNK's API, hosted payments page, ormerchant portal, facilitating transactions across borders.

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PayPals stablecoin PYUSD joins BVNKs crypto payment ecosystem

BVNK integrates PayPal's stablecoin PYUSD to its platform, offering businesses a trusted option for global transactions.

The post PayPal’s stablecoin PYUSD joins BVNK’s crypto payment ecosystem appeared first on Crypto Briefing.

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BVNK Embeds PayPal USD Stablecoin Expanding Payment Options

BVNK, a payments infrastructure provider, has declared theintegration of PayPal USD (PYUSD), a stablecoin, into its platform. Theissuance of PYUSD is solely handled by Paxos Trust Company, under theregulatory oversight of the New York Department of Financial Services (NYDFS).

Enhancing Payment Options

This integration allows businesses to access PYUSD, astablecoin pegged to the US dollar, through BVNK's payments platform. AlongsidePYUSD, users can also engage with 14 other popular digital currencies, leadingstablecoins, and 25 fiat currencies. As an approved participant in the PYUSDecosystem, BVNK possesses the capability to both create and remove PYUSD tokensfor its clientele.

BVNKCo-Founder and VP of Commercial Strategy Chris Harmse, said: Were buildingmodern payments infrastructure to enable more businesses to operate acrossbanks and blockchains and maximise financial flexibility.

Stablecoins make up almost 90% of the payments we process,and theyre very important to our customers as a way to settle global paymentsefficiently. Were thrilled to introduce PYUSD to our platform. As a stablecointhat connects into PayPals extensive payments network, its a valuable paymentoption for many businesses.

PYUSD Conversions to Major Fiat Currencies

Through this integration, BVNK customers gain access tovarious functionalities, including creating PYUSD wallets, settling payments tosuppliers, contractors, and employees worldwide, and accepting consumerpayments in PYUSD.

Additionally, users can convert PYUSD into fiat currenciessuch as EUR and GBP through BVNK's API, hosted payments page, or merchantportal. It's worth noting that while PYUSD operates within regulatoryframeworks overseen by NYDFS, it is not currently regulated in the UK.

Nick Robnett, Head of Asset Growth at Paxos said: PYUSD isbringing greater trust to digital assets. We're seeing growth every day as itsrolled out across the PayPal ecosystem and were delighted to team up withBVNK to give more businesses access to PYUSD, and more options for how theymove their money globally.

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PayPal Offers 3.7% Annual Yield on PYUSD Stablecoin Balance

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PayPal shakes up stablecoin market with 3.7% interest rewards on PYUSD

Payment giant PayPal is rolling out a new rewards initiative that will allow US users holding its PYUSD stablecoin to earn up to 3.7% interest annually, according to an April 23 statement. The program will begin this summer and be available across both PayPal and Venmo platforms. PYUSD reward program PYUSD is a US dollar-backed […]

The post PayPal shakes up stablecoin market with 3.7% interest rewards on PYUSD appeared first on CryptoSlate.

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