PayPal's PYUSD stablecoin on Solana surpasses its supply on Ethereum

The supply of PayPal’s U.S. dollar-pegged stablecoin on Solana has surpassed its Ethereum network supply, data shows.

Since launching in May, the supply of Solana-based PYUSD tokens has surpassed 377 million. Meanwhile, Etherscan data shows that Ethereum-based PYUSD tokens have a supply of 356 million.

PayPal’s U.S. dollar-pegged stablecoin launched on Ethereum in August 2023 through a partnership with custodian firm Paxos. Following its rollout, PYUSD’s supply reached 230 million by the end of 2023. Since then, the total supply of stablecoins has more than tripled — surpassing 733 million (worth $733 million).

The stablecoin expanded to Solana in May 2024. There, Solana-based decentralized exchanges like Jupiter and Orca have added PYUSD to their pools, which may have contributed to the stablecoin's growth on the network — along with top centralized stablecoins such as USDC and USDT.

PayPal's market cap of $733 million makes it the fourth-largest centralized stablecoin issuer after Tether (USDT), Circle (USDC), and First Digital (FUSD). According to The Block data dashboard, USDT and USDC have market caps of $120 billion and $36 billion, respectively.