PayPal's stablecoin expands to 9 new blockchains
8:10 ▪ 4 min read
Learn more ▪ Stablecoins
PayPal's stablecoin, PYUSD, has just surpassed $1.3 billion in market capitalization. At the same time, it is now expanding to Tron, Avalanche, and seven other blockchains thanks to LayerZero. Is the digital payment giant finally catching up to leaders Tether and Circle?
In summary
PYUSD reaches a
record market capitalization of $1.3 billion.
LayerZero extends the stablecoin to nine new blockchains.
36% of surveyed companies already claim to use PYUSD.
PayPal strengthens its position in the global stablecoin battle.
PYUSD takes a key step in the stablecoin universe
On September 18, PayPal's stablecoin PYUSD surpassed the $1.3 billion market capitalization threshold for the first time, according to data from CoinGecko.
Launched just two years ago, it has quickly gained traction, especially among businesses. A survey conducted by EY-Parthennon reveals that 36% of them already use PYUSD, ahead of other more recent players like Ethena's USDe or Sky Protocol's USDS.
This progress is even more remarkable because PayPal entered the stablecoin race much later than its rivals. The market remains dominated by Tether (USDT), with $171 billion, and Circle (USDC), with $74 billion.