Coinspeaker
PayPal’s PYUSD Circulation Plummets 38% in March
March saw a significant downturn in the circulation of PayPal’s stablecoin PYUSD issued in collaboration with Paxos. According to the latest transparency report from Paxos, the total circulation plummeted by 38% to $188.5 million from a peak of $312 million in late February. This unexpected drop occurs against the backdrop of PYUSD’s rapid growth earlier in the year, suggesting a volatile stride in its journey since inception.
Underpinning Factors and Market Position
Despite this setback, PYUSD maintains its stance as a noteworthy contender in the stablecoin market, securing the 13th position by market capitalization. Notably, PYUSD’s market value only represents a silver, precisely 0.18%, of Tether’s (USDT) whopping $106.6 billion market valuation. This comparison starkly highlights the competitive landscape of stablecoins, underlining PYUSD’s ongoing battle for a larger market share amidst giants.
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