Paypal’s token, PYUSD, pegged to the dollar, has lost 40% of its market cap. Currently, the stablecoin’s market capitalization stands at $618 M. Lowered yield opportunities on platforms such as Drift and Kamino are reportedly behind the recent downturn.
In the last days of August, the market cap of PYUSD reached a peak of $1B, making it the fourth-largest stablecoin at that time. The token is now capped at $618 million, a 40% drop after just one and a half months.
PayPal’s PYUSD experiences a 40% downturn weeks after its peak
PYUSD, aka Paypal USD, was launched in August last year on the Ethereum blockchain. On May 29, 2024, It became available on the Solana blockchain. In the second week of August, the amount of the stablecoin was greater on Solana than on Ethereum. This meant its demand was better on Solana than on its home blockchain, Ethereum.
This articles is written by : Fady Askharoun Samy Askharoun
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