April 19, 2024
Altcoins News

PayPal USD Circulation Drops 39% in March

PayPal USD (PYUSD), the stablecoin issued by PayPal in collaboration with Paxos, experienced a notable decline in circulation during March, as per Paxos’ latest transparency report. March’s PYUSD circulation amounted to $188.5 million, marking a significant 39% drop compared to February.

Market Capitalization Fluctuations

Following its peak at $312 million on February 26, PYUSD’s market capitalization has been on a downward trend. Despite reaching all-time highs earlier in the year, the stablecoin’s circulation faltered amid a cryptocurrency market rally, with Bitcoin surpassing $73,000 on March 13.

PYUSD’s market capitalization currently stands at $194 million, showing a modest increase of approximately 3% over the past week.

Al-time price chart of PayPal USD. Source: CoinGecko

Stablecoin’s Emergence and Market Position

Introduced in August 2023 in collaboration with Paxox Trust, PayPal USD has rapidly established itself as a significant stablecoin, ranking 13th in market capitalization.

It surpasses Paxos’ Pax Dollar (USDP) and Gemini Dollar (GUSD) according to CoinGecko. However, its market value represents only a fraction of Tether’s dominance, which boasts a $106.6 billion market value, highlighting the stablecoin landscape’s diversity.

Top 13 stablecoins by market capitalization. Source: CoinGecko

Image from Wallpapers.com

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